To be honest, this theory seems ridiculous to me. Bitcoin and the entire market cannot rise like this because of a holiday in one country. Here everything is much more complicated.
Also let's remember China has done all they can remove China from the Bitcoin market. When China accounted for the majority of bitcoin trading perhaps the China New Year actually had an effect, at this point China can't do much to negatively affect the Bitcoin price, and I certainly don't think a holiday in China is gonna do anything.