I do think the 'Christmas Star' can be explained, but it isn't a physical phenomena. It was a political one.
I feel that the entire book of Matthew was political commentary on the Roman Empire. The 'Star of Bethlehem' was a political statement that was mirroring the cult of Augustus. The divinity of Julius Caesar was
shown by a comet. This made Augustus 'The Son of God'. He proceeded to
name himself 'Savior' and he brought 'salvation' to the empire.
This is the terminology that the author of Matthew used many years after Augustus' death.
The difference between Augustus and Jesus is that Augustus was a physical savior, and the salvation was economic (prosperity to the roman empire). Matthew used that as a counter point to have Jesus
the savior of the poor, and have the 'salvation' be spiritual in the world to come, not materialistic, in this world.
This can be shown with the following two pictures of coins issued by Augustus