Valve has just announced the coming of the New Bloom Festival which will potentially feature a new game mode along with new cosmetic items. The patch would most likely be implemented in the coming days as Chinese New Year draws closer.
Although the arrival of a new game mode for Chinese New Year was debunked previously, Valve announced the imminent arrival of the New Bloom Festival in addition to the previously ongoing Spring 2014 Event recently in the Dota 2 Blog. The festival will most likely feature a new game mode which will pit players against the Year Beast by collecting trinkets. The exact nature of the Year Beast is unknown with the possibility of it being a new hero. The feature of exchanging Phantom and Shining Fragments from Wraith Night might return in a new form called Flaming Ingots.
New cosmetic items exclusive to the festival could be received or crafted by players during the festival. Players are also able to removing unwanted items from their armory to the players' offering which will grant the players new cosmetic items or Flaming Ingots.
More announcements may come from Valve as the blog post is only "Day 1".
Source: Dota 2 Blog
