Is it possible? Chinese New Year Will Push Down the Bitcoin Price

[Sincerem]

During seasonal period people are likely to withdraw some of their savings most especially in cryptocurrency for the holidays and it might likely bring down the price of cryptocurrencies. Since China have a serious influence in the price of cryptocurrency I believe this might have an observable effects.

 

[Imran_Noori]

I think the price of Bitcoin will push down on the Chinese New Year on February 12, 2021. During the Lunar New Year holiday, it is estimated that there will be selling pressure on Bitcoin for the short term, so it is a golden opportunity to buy Bitcoin, and Bitcoin price volatility will last for a few weeks, so will mine more pressure on the Bitcoin price correction. Currently more than 60% of global Bitcoin miners are in China, and if they cash out some of their Bitcoin the price will go down. What do you think?

The events and news only affect the price of Bitcoin and crypto but it can never affect the fundamentals behind it, that is why Bitcoin is bullish for the long term.

 

[Lynaia]

It seems the new year has actually cause the value of bitcoin to go down. Maybe many of the Chinese holding bitcoin have to sell it off then because of speculation of Chinese authority banning cryptocurrency

 

[Agbalagbaa]

That's possible remember we are taking about the financial market here anything can happen, what normally makes Bitcoin to move up and down is the participation of smart money on the market place.