Bitcoin Forum

For the past few weeks there has been speculations that Bitcoin will rise and face the uptrend after Chinese holiday and now the holiday is over, will bitcoin start going up and up again?

I think bitcoin will go that way for a couple of days, weeks or even months. People are starting to see bitcoin now as a good time to invest. It will drive the price of bitcoin probably higher than the previous highs(the 11,700).
Things may continue higher and higher because of the media again nowadays. They continuously advertise bitcoin that it will pass the $20,000 and reach $50000. With all the foods again surrounding bitcoin more investors will be attracted again.

It is quite scary to see the market going down again rapidly when the peak is reached.

Chinese New Year is a pain in the ass, it fucks everything. The bitcoin price always tanks, my partner & I run a female clothing store & deliveries go to shit for about 3 weeks due to factories closing.

You should see my list of Paypal disputes due to them  ;D

No one knows if that's the real cause of the tragedy that we've been through.
I'm not trying to be racist but Chinese people are rumored to hold tons of bitcoin so they have sold a lot. And if they are about to buy tons of it again then it will go up.

It's scary indeed if you bought at peak.

Yeah, I think many market are being affected because of this event but as far as bitcoin is concern I believe it will start to pump now. As we can see bitcoin are showing some uptrend and will be tested at the resistance level, lets wait for more weeks and hopefully to see bitcoin on its high note.

It’s just rumors and speculative assumptions for positive mind setting.. We can view it on cultural aspects as most asian with Chinese inheritance has this common superstition in investing or spending money in holidays like this.. It might be a different story if there’s no uncertainty in china’s government before it.. Its increasing now but I don’t have a clue if it has to do with it..

Yes bitcoin is going up again. It's a quick pump yesterday but I will not give any assurance that after the Chinese New Year price will move forward and it will last longer.

Yes I think so, but it is not a kind of sudden appearance, maybe after a couple of weeks or month but at least it will will decrease again with same value from the past. And surely it can recover the past value when it was at the price of 19k. And I believe that the growth of the community for those interested to buy will become fast for such situation written by the OP is quite not new for many that whenever Chinese day bitcoin is alt the dump stage.

Well what we are seeing might be attributed to the end of Chinese New Year. Because as you have said, in the last few weeks everyone is expecting that at end of the Lunar New Year, our Chinese friends will flock the market again. And lately though there was a downtrend that bottom bitcoin < $10K.

But right now it suddenly pick up and almost touching $11K. So for me it has something to do with the Chinese New Year. But the main question is if this sustainable or just a short term effect and we might see bitcoin going on another slide?

I think by visit https://coinmarketcap.com you will understand that bitcoin has been in the uptrend since the beginning of this week and we expect the trend to continue as the Chinese holiday is over. The Asia market has a lot of influence on cryptocurrencies and we should expect continues growth.

The week has started great and we're on the middle for this week as well. A while ago I've seen it reached $11,000 and within a couple of minutes it went down to $10,800 and now $10,700. Many surely set their sell orders to be at $11,000 and have earned already when it went down for a while. Whether its a Chinese Holiday or not, normal holidays are really giving others the time to have some cheaper bitcoin and after that the pump is about to come.

Oh, it will definitely just be a matter of time about reaching 20k again. ATHs are meant to be broken, and Bitcoin is far from being the mature market that we can expect has hit its prime. I mean, even oil and gold, only recently in past years made their all time highs, and those were trading for such a long period of time. Scarcity is the factor people forget about and one day Bitcoin will be scarce. We will not live to see the true Bitcoin ATH.

We are starting to see huge $500ish upswings today, it sure looks good.
I am expecting this trend to continue.

https://www.tradingview.com/x/jmkXU27e/

a couple of weeks ago when the "drop" was speculated because of Chinese holidays and lots of FUD about banning bitcoin and bullshit like that, the drop happened. and when it was over the recovery and then the followup rise from the bottom $6000 to $10000+, you can call that the rise.

also you can see that ever since passing $10k, each drop is smaller than the last one and the price reaches a little higher on each followup rise. this can mean money is coming back to the market but slowly. if it breaks $12k you can be absolutely sure that it is THE rise.

I think breaking 12k will not happen very soon, $11k price point has been very hard to break but i notice it as well those small drops coming from $11k to $10k or almost 10k and it is unlikely for bitcoin's price to reach $6k again i think this is good, hoping too see btc's price to get close on ATH again it's just that bears doesn't want us to :'(

Lol. I can feel you deeply bro because the same thing happens to me. I have never seen a moment in my life where your business just ends up stalling because of the Chinese new year issue. I have a wedding store and due to my past experience with the whole China holiday, I always try as much as possible to stock up quickly and get my delivery done before the holidays, most especially for the fast moving ones.

With respect to bitcoin though, even though it has been a trend, I am still always skeptical about China having much impact on this, but I guess this generally affects the market since a lot of people already have that notion anyway.

China doesn't have that much influence on the price anymore! And before that it was mostly wash trading.
So forget about China. They are only big in mining. But that's pretty much it.
Their exchanges have stopped operating or moved to other jurisdictions.
I'm not sure how big their OTC market is, but imo it won't have any effect on the exchange prices.
Have an eye on South Korea and Japan! This is where adoption is happening big and quick.

it is true that China doesn't have any effect on bitcoin. and i even believe that China never had that much effect on bitcoin anyways. the only thing that does have an effect is the NEWS and it doesn't matter from where it comes. it just happens that most of the time this NEWS comes from China and it is always FUD and effective so you have to keep an eye on it.

If the Chinese New Year can impose a ban on Bitcoin, then one price in the world is found to be complete. The people involved in the local industry, though, seem unsuspected.
"I do not think that my thoughts really will have any effect on China's value - even though people are worried that it will completely stop or not understand the current situation, I can think of a sinking".

People are used to connecting China with BTC,but this is not a significant factor anymore.Chinese authorities are currently focused on the prevention of their citizens to use foreign exchanges for trading because they successfully stopped all exchanges in China.Nothing good should not be expected regarding BTC when it comes to China,the only question is whether they continue to allow mining.Although I understand that mining just make big profit for them and money is coming in county,the only thing that bother them is the money leaving the country.

I not see any connection between Chinese new year and any effects on BTC price,before or after.

During the Chinese new year life in China does not stop. The Internet allows you to open your account on the stock exchange and make several bets at any time and anywhere. I am sure that traders do not take long breaks. Such statements are an attempt to easily explain complex processes. They are not truthful.

There are many connections between BTC and China:

Direct connections:

- China is host for the largest ASICS manufacturer, Bitmain;

- China is host for the largest BTC mining farms;

- China has a huge population and within this plethora of citizens there are maybe millions of crypto users/investors;

Indirect connections:

- North Korea has been using crypto to avoid international sanctions;

- NK has been launching vast cyber attacks on South Korea crypto exchanges.

- NK is behind WannaCry and a number of other major security incidents.

The lists could go on, but I thing this is enough to prove my point: China is a major player in the crypto scene, regardless of the calendar events.

The Chinese New Year or Imlek affects the economy. At this celebration usually people will more often culinary shopping to travel services. The Lunar New Year celebration was called for a drop in the value of bitcoin or virtual currency in January. That's because Asian market participants are considered cashing in their virtual currency to buy gifts for the holiday season.

Even as many as 6.5 million Chinese tourists are predicted to spend their money to travel abroad during Imlek.

Not only the country's bamboo curtain, Singapore, Malaysia, South Korea and Vietnam also celebrate Lunar as a holiday. Some Indonesians also celebrate.

Hopefully,BTC in the last month is better cause it does't fall below 5K just not there is interesting to be on the show with that price only.March this is a confusing month BTC could be down this cause there is no correction according this my estimates.

In the past before the regulation of cryptocurrency in china last January 2018 China has great influence on the growth and development of bitcoin. But now there is a very big change with China whatever happens with China in the slightest doesn't give effect anything. Because their governments had done blocking against some Potential Cryptocurrency and the Chinese government in its entirety only supports Neo (their own 'Single' coins).

Its high time we stop pinning bitcoin price pump with any China activities. I use to think that China has an influence in cryptocurrency because of their prior connection but now, I am forced to think otherwise because in some way, the Chinese government don't really care whatever happens to bitcoin. Bitcoin price can pump if we see more investors in it or other things can influence it to dump or pump.

Agreed and I feel this assumption is gradually affecting the market until it totally changes. As long as most traders start believing that approaching Chinese New year, the price would definitely go down, I am sure a lot of investors and traders will always start looking forward to the next one and that may be causing some pretty huge dump in the market.

All the same though, what would be would be, we cannot attribute anything much since we cannot be certain, but however it is, the market will always recover in its own time.

Yes it is a regular phenomenon followed by chinese traders to sell their bitcoins to celebrate their biggest festival event chinese new year.During this time,bitcoin price usually tends to fall and big investors usually buy as much bitcoins as they can silently.

Even this year too it has happened.Bitcoin has now started to raise from the range of $9,000 and it has reached $11,130 today.But this year we should admit that the impact was low due to lesser dominance of chinese traders in the bitcoin market.This would be the best time to make an investment in bitcoin.

everything will depend only on the decision of the Chinese government. I do not think that their holidays will affect the overall situation of things with the crypto currency in the Chinese state .

i agree with you because during chinese holidays there is nothing like which someone can feel that bitcoin depend on holidays but on other hand majority of people they are saying that during chinese holidays bitcoin price effect but i believe nothing happen to bitcoin.

Usually before the chinese holidays the stock markets tend to go down, and so is the bitcoin, just like the Christmas, people are selling their stocks/digital assets so they would be able to afford buying gifts for their friends and family.
Soon after that people rebuys stocks/digtal assets or the selling pressure just goes down, in that case, it's most likely that bitcoin will increase in price.
But it's fully based on speculation so I wouldn't say that the data is reliable.

I think this will surely impact the price of bitcoin.During the Chinese new year,the price of bitcoin is reduced and then get back to high value.This will happens all the time,we can expect this every year.Due to holiday they may sell the bitcoin to enjoy and now they may start to hold,then surely the price will increase.

China has broken up with bitcoin, they are no longer connected with bitcoin after the rules that made on 30 November ago since then until now nothing has changed with the decision.
So clearly whatever happens there doesn't at have any effect on bitcoins.

The only connection that they have is the bitcoin mining monopoly. They still command more than 60% of all the bitcoins mined. However, since they severe their ties to bitcoin since last year. They effect has already dwindled and Japan took over.

I can't say for sure if there are connections. But it looks like someone is really pumping everything, including altcoins. Great to see bitcoin testing the waters of $12K. And it this is something related to the end of Chinese New Year because they are trying to recovering all the expenses they spent during the holiday, then its good news for us.

As what I've heard China have already cracked down bitcoin exchanges so after witnessing the price pump aftervthe Chinese New Year I couldn't help but think if there are connections. Before the Chinese New Year bitcoin have been its low value there must be something that is pushing thenprice upward and it's a good thing.

Others believe that bitcoin's market price will be affected because of Chinese New Year but bitcoin's price does not have a significant change of its market price as what is being recorded in the past Chinese New Years too. It wasn't surprised me much to see that its market price doesn't fall or rise before, during or after the holiday.

chinese has nothing to do with bitcoin market ,i am chinese.i am holding my coins through the chinese new year and never sell a coin.

Honestly, no one can really say. Although, looking at the volume that use to come from China due to trading and the fact that they mostly shifted to PY, one could have thought they may actually be having some impact on the value of bitcoin when it comes to trading volume. I may be wrong, like I said, no one can really say and obviously everything we say is just pure speculation. On the other hand though, I just feel the market is ready to start a change in trend.

The way people speculated on Chinese holiday, people would have thought the Chinese holiday ending will immediately cause bitcoin to start growing immensely and non-stop. I see the normal pattern of a solid market playing our and it has nothing to do with the Chinese holiday. I just see a downward trend market recovering after the bears have taken out all the necessary weaknesses from the market.