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

[Shigobad2020]

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?

As you have guessed, Bitcoin was pushed sporadically around February 2021, but we don't really know the cause why it drastically decreased during that time and some believe that chimes lunar year have effect on crypto currency.

 

[Patrik]

they did already, they banned it and its transactions which led to a huge massive drop in the price, same to tesla withdrawing its investments which made the things more worse

 

[Ralphjoe]

I can't really explain the rationale behind this claim but one thing I understand is China has the highest population in the world and they decide to influence anything online, the effects will be very great. I don't really how much Chinese government and the citizens embrace cryptocurrency because this will determine what happens to it during their new year festival.

One thing that I noticed is that the Chinese New year this year did not even affect the price of Bitcoin in fact the price of Bitcoin was on a bullish run all throughout the Chinese New year period.

 

[joy101]

I don't really know maybe it can be possible because the price of cryptocurrency is up and down, so I don't really know if Chinese new year can effect it.

 

[Trexxxy]

This thread aged like a fine wine, because the Chinese New Year did not affect prices of Bitcoin one bit. I didn't even push down the prices instead the prices moved up.

 

[Setfragil]

The Chinese new year is a yearly celebration which as been running for some years and it has never affected the price of bitcoins rather than the new year celebration to affects bitcoins, the price saw a serious increased in February.

 

[eLdavis]

There is a very high possibility that it could affect the price of bitcoin, as there are so many factors that plays a major role in the increase and decrease in value of bitcoin.

 

[Jlife]

I was actually believing that the price of bitcoins will even go up much higher than the current price because of the new year,the reason is that I believe people will be interested in using bitcoins for their daily and online transaction, anything is possible in the in cryptocurrency no doubt

 

[Sotherefore]

I just believe it can affect the cryptosystem seriously if you are saying that 60% of bitcoin's mining company is located in China, the issue is that I didn't observe the New year calendar and its effect on the price of cryptocurrency at that time.

 

[Justin]

IN the recent China's intervention is pulling down bitcoin. First they banned crupto currency transactions, and now they are shutting down mining operations.

 

[Josemendez]

It is true that when it comes to bitcoin that China has the highest mining hashrate buy this doesn't mean that they are the ones controlling bitcoin in fullest. Their celebration may affect it a bit buy not much as there are other players in the market

 

[Alexandoy]

This thread aged like a fine wine, because the Chinese New Year did not affect prices of Bitcoin one bit. I didn't even push down the prices instead the prices moved up.

I agree with the non effect of the Chinese new year on the price of the Bitcoin. However, the Chinese ban is most probably the biggest factor of the sliding down of the crypto prices in the market that includes Bitcoin price. The lack of buyers are the main contributor for the bearish run of the Bitcoin.

 

[Trexxxy]

I agree with the non-effect of the Chinese new year on the price of Bitcoin. However, the Chinese ban is most probably the biggest factor in the sliding down of the crypto prices in the market that includes Bitcoin price. The lack of buyers is the main contributor to the bearish run of Bitcoin.

Yeah, the ban on crypto by the Chinese has affected the crypto market negatively and not only the Chinese ban other countries following suit as well.

 

[gammarays]

Well the current crash in the price of crypto was also blamed on the Chinese. I don't think the Chinese will purposely influence the crash of Bitcoin since they're the major shareholders.

 

[Yusuf]

That's true. During the new year festivities of the Chinese people, a lot of traders who are into crypto currency exchange Business will definitely want to take profit and use it for some of their upkeep till when the festivities is all over

 

[Stylex]

It might be push down
The price of Bitcoin might push down a little bit it might not necessary go down but it might be pushed down

 

[Lens]

The pressure really hit bitcoin so hard that it dips unimaginably leaving the investor with an unforgettable losses. The Chinese government issued a stance actions against the bitcoin miners in its province

 

[Chibson]

Maybe, it's one of the reasons the prices of cryptocurrency what down drastically and I don't think it will be going up anytime soon but let's hope.

 

[Stylex]

calendar effect’ is a type of market anomaly that seemed to be related to the Calendar (such as days of the week, vacation days and even tax season). The most studied calendar effect would be the ‘Holiday Effects’ on stocks markets where stock returns tend to be

 

[kayode10]

The major driver of bitcoin prices demand and supply. If the demand of Bitcoin is higher is this Chinese New Year, definitely the price of Bitcoin will rise and vice versa.