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

[Abbas ali]

Since authorities aren't geared towards maximizing profit and a usually large amount of Bitcoin are being auctioned, they are normally sold below the market price. This, in turn, causes Bitcoin's price to drop, as the auction winner usually sells some of his newly acquired coins on exchanges as well.

 

[idhans]

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?

China is really investing in Bitcoin and at some point they are controlling bitcoin prices. China has cheap power, and cheap mining rig, and so they can mind as much as bitcoin anytime any day. Thank you so much for that useful information.

 

[Ralphjoe]

Yes, the value of Bitcoin stand a chance of going down then because some Chinese Bitcoin holders will sell off their Cryptocurrency during the chinese new year. This is so because they will want to celebrate it lavishly so they need money. Bitcoin investors should just brace for impact because China is the controlling nation of Bitcoin due to the fact that they are the greatest investors into Bitcoin.

 

[Eodine]

I dont think so because Bitcoin has it's own market forces bringing the rise and fall of the crypto currency like market trading, shark investors etc but the Chinese New year will have little or no effect on the rise and fall of bitcoin

 

[Dowenship]

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?

Wow!! Really please what equipment are they using to mine this bitcoin. 60% is way too high for mining from just one country out of all h countries mining crypto currency.
Quote of the day:

Never give up, because the breakthrough is near. Keep pushing till you win

 

[Bangiszz]

Chinese New year affects digital forms of money, with Bitcoin costs diminishing in the months paving the way to new year. The celebration is planned to happen beginning from Friday, 12 February-Tuesday, 15 February. During this time numerous Chinese over-the - counter (OTC) administrations will be shut prompting high digital money instability. The Chinese year is likewise celebrated in other Asian nations like Hong Kong, Singapore and Korea. Anyway it is critical to take note of that during this time, digital currency trade will in any case work and encourage exchanging 24H/day.

 

[bhennie]

I never really knew about this that the price of bitcoin might move higher than the all time high. Now this is something I would begin to look forward to and make maximum use of the opportunity to invest in bitcoin
[automerge]1612909760[/automerge]
I never really knew about this that the price of bitcoin might move higher than the all time high. Now this is something I would begin to look forward to and make maximum use of the opportunity to invest in bitcoin and make good use of this

 

[unhappy triad]

you have a very valid point. The price of Bitcoin will go down a bit but it might not necessarily go down the way you expect it to be. Not all of the 60% bitcoin miners in China will sell off, some may decide to hold if they have excess cash at hand. The price of Bitcoin is also very stubborn as it could also peak at that period. Anything is possible in the market.

The Chinese have gone digital already and left others behind. They bitcoin miners won't really have excess cash in hand as no activities now is digital. Notwithstanding that shouldn't affect the price of bitcoin. I see no major call in price happening now

 

[Axad. Mrb]

Bitcoin’s popularity has grown over the last decade and has become an increasingly attractive target for adversaries of all kinds. One of the most powerful potential adversaries is China, which has used its capabilities to influence it.

 

[Bookwormlux]

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?

Today is February 12 already and there is no such thing. The good thing about crypto currencies is that no one can just sit and predict what happens next. It is best to take your grounds and don't follow analysts.

 

[KENDRA2020]

I would like to agree with your analysis about the bitcoin due to the new year festival in chian since 60% of miner are Chinese and would love to sell theirs quickly due to the festival at hand but during Christmas, the price never went up or down so why now?

 

[Sania]

Unsuccessful people don’t value their time. They are everywhere, anywhere, anytime because they lack the ability to dedicate their time towards their goals. And year after year they make new promises which never come to fruition simply because they couldn’t be bothered to put in the time required towards their goals. Time management skills, learning how to say no and knowing what commitments to undertake, is a step towards great success in any area of our lives.

 

[zenith]

Yes it is possible it will push the price down.you know the price is normally affected by speculation and as you said 60 percent of the miners are in china.so I am expecting a drop in price of bitcoin in that period.the festival usually last for more than a day so people will have the opportunity to buy.

 

[EVA34]

During Chinese New Year, market making operations will be limited in capacity. This leads to more volatile and less liquid markets adding pressure to further corrections for Bitcoin prices.The annual drop in the price of Bitcoin during the Chinese New Year could is due to the merrymakers' cashing out for the holidays. Investors prefer to sell some of their holdings to fit the holiday budget.

 

[abubakar3141]

As the chart shows, the bitcoin has become a very popular asset for investors in the run up to 2020. ... More long-term investment means more stability and stability when it comes to growth, and as we can see, there is no sign of a slowdown in long-term BTC investment yet.

 

[WhiteHouse]

Has this been occurring before? Is it a trend?.
Bitcoin is affected by issues like this though, but I'm hoping the effect will be positive and not negative, I don't want price of bitcoin to lower, I want it to soar more higher.

 

[Erik4150]

I don't see how the Chinese new year will affect the price of bitcoin. We don't really know how the masses will react on that day as regards to buying and selling of bitcoin. I think we should relax, observe and see how things pans out.

 

[Gilead]

Fortunately for us traders at this moment and on this speculated date, have been able to benefit largely from cryptocurrency in a positive way. Hopefully Bitcoin will continue to rise and I believe it will be so. Although there will a time when it will go low again.sooner or later anyways.

 

[Kinglegend01]

This is the first I am hearing if this although I am very aware that today is the Chinese new year but I absolute have no idea as to if or how it might affect the price of a bitcoins coin. If it did I dont think there should be any cause for alarm because I think it would rise back within a few days.

 

[Janita]

Yeah it will obviously effect on Bitcoin price as everyone told above that the calender really effects on price of Bitcoin or other currencies so if on the occasion of Luna year maybe it effect on the price of Bitcoin in the price goes down really but I am not 100% sure but it will be seen on the time that what will be happen because not everyone are sure but they are talking like just imaginary and maybe it is true and it happens it is impossible work is really possible to do if it take a step so I think it is going to happen somehow.