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

[ahmedo24]

The new year had happen two days ago and I don't think it had significant influence on bitcoin price if it had effect the price of bitcoin should have hit $50,000 by now , I am not sure if more Chinese people used bitcoin as such.

 

[Debola]

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.11 Jan 2021
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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.11 Jan 2021

 

[Victor001]

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?

I cannot say for sure,but the bull run as been all high, so expecting a dip is inevitable and I commend your fundamental skills.

 

[Akinwale701]

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?

This last Chinese February holiday really dealt with me alot in the sense than there was totally a low turn due to how most of my Chinese clients are off duty.

 

[Richard92]

Am not sure and I don't believe that Chinese New year will depreciate bitcoin, I think it will even appreciate it because of the activities of the new year.

 

[Kennysplash]

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?

Well that is how cryptocurrency price works. When there is a major event the price usually fluctuates, and most times it goes down. So it is to be expected.

 

[Nomad]

I don't think the events like Chinese New Year can push or pull bitcoin price. It might drop temporarily, but not for a long time. The price is depended on demand and supply

 

[Josephjossy]

It is possible for that to happen. It can pull down the price of crypto currencies. China is one of the highest countries that invest on crypto currencies. But I pray it doesn't affect Bitcoin cause that will be a big dip and many will loss there money. I advice every investor to hold there currency

 

[Kelly5]

Nothing is impossible in the cryptocurrency environment these days. There is no straight rule that this cryptocurrency follows. So anything can still happen

 

[Ayokex]

So you think that when the Chinese would sell their Bitcoin to use the money for the new year festivities the price will go down because there will be more supply than the demand. If that happens on or after the Chinese new year then we can believe that the Chinese holds the majority of the Bitcoin in the world. I am not guessing because we all know that the Chinese people have money because of their one-child policy.

China being the most populous nation of the world and the second best economy of not the best has the tendency to affect the movement of Bitcoin. It is believed that many users of Bitcoin will also come there.

 

[ahmedo24]

China being the most populous nation of the world and the second best economy of not the best has the tendency to affect the movement of Bitcoin. It is believed that many users of Bitcoin will also come there.

The fact that China is world largest populous nation in the world is not a guarantee that the level of involvement in Crypto currencies is up to that of US so they may not have much impact to cryptocurrencies price .

 

[Nomad]

Well, Chinese new year is already gone but the current drop in bitcoin price and other crypto currency price is due to China's ban on bitcoin and all other crypto currencies

 

[Senator]

I thnk that Chinese new year celebration has come and gone, and for the period during when it was celebrated I didn't think it had any impact on the prices of the cryptocurrencies then.

 

[Damscooguns73]

Concerning if it is possible that the Chinese New year will push down the Bitcoin price. Well, we know that the cryptocurrency market is determined by the level of demands and supply, so it is possible that a drop in the cryptocurrency coin Bitcoin happens

 

[Jlife]

The price of bitcoins and all other cryptocurrency was doing well until fuel is a group for every was a serious downtrend in the price of all cryptocurrency,according to the information Elon musk actually stop the use of cryptocurrency in buying of Tesla car.

 

[Fizzy_boi]

Is it possible chinese new year will reduce BTC price it's actually definate it will or it can because they have an huge Influence in the crypto currency market and they control some certain coins self.

 

[ahmedo24]

I will be glad if the market can recover without Chinese intervention any more because it will build more strength for cryptocurrencies Independency.

 

[Kingsley]

Your predictions are indeed very good because it has really played out just like you predicted and this is indeed fantastic. This is another opportunity for people or new investors to tap in and investor because the coins are set to rise pretty soon according to further predictions.

 

[GIFTMICHAEL]

Already they've accomplished their wish by making the prices of the coins to drop down drastically. But i believe those things are early days, crypto is meant to stay and soon they'll remove the ban.

 

[Fozzy_boy]

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?

I don’t really believe in such things to bring down the the price of bitcoin but it seems many people have been talking and thinking about it. Won’t be surprise if it actually happens

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?

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.