It's not so much that date, it is the days before that date where a trend emerges. Every year (at least over the past 4), there has been a dip anywhere from 2-6 weeks before the Chinese New Year. The exact date of their New Year changes every year, so the 16th is only important for this year, but in general the New Year is around this time, usually the end of January. If you look at a few weeks before that time period, you can seen that bitcoin tends to bottom around that time.
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