Bitcoin Forum

What will happen about the price of bitcoin and altcoin before Eid? whether bitcoin and altcoin will reduce prices because of course there are many people who want to sell their assets in preparation for Eid, of course for those who want to celebrate, maybe even vice versa prices will rise at a higher rate, what will happen how speculation traders and investors think here?

Nothing will happen to the prices of Bitcoin and altcoins because of the incoming Eid. That has virtually no influence to the price of Bitcoin and altcoins. If there are some people who will sell Bitcoin and altcoins before Eid, the number will be too few that it will have no material effect to the market.

I agree with @Fundamentals Of, nothing will happen both Bitcoin and altcoin.

Because as I see most percentage of muslim populations of many country is banning cryptocurrency, such as Algeria, Egypt, Morocco, Pakistan, etc. https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory .
Also, I think many people will not do too much preparation for celebrating Eid since we're in lock down and many people lost their job. They'll prefer to save their money and use it for buy foods.

The most Bitcoin user countries are the US, China, Britain and South Korea. US 32%, China 29% United Kingdom 16%. If analyzed through the religion of the majority of users I think there will be no big impact. So I think the halving effect is still the main fundamental news, not Eid. So there is no fundamental speculation regarding Eid, this is a purely technical analysis and fundamental halving and the two history halving effect.

Source
http://apaitubitcoin.com/negara-pengguna-bitcoin-terbanyak/ (http://apaitubitcoin.com/negara-pengguna-bitcoin-terbanyak/)
https://medium.com/@digitalexchangeid/negara-pengguna-bitcoin-terbanyak-pertama-adalah-amerika-serikat-2186215aff44 (https://medium.com/@digitalexchangeid/negara-pengguna-bitcoin-terbanyak-pertama-adalah-amerika-serikat-2186215aff44)

It's just makes me laugh 😂 to compare bitcoin prices with Eid. I mean who is care about Eid. Their is no impact on btc price before Eid or after Eid. More adoption and demand will increase price of btc.

There are no correlations what so ever to religious holidays. The price is based on supply and demand, it might be just coincidence that the price move sharply, let's say during Christmas holiday or like the Chinese New Year. So I have my reservations here, if ever Bitcoin goes up during this Eid al Fitr (May 23-24) it's probably accidental.

I didn't know what Eid at first but after searching it, I found it as a religious event that is going to happen all over the world, a celebration for muslims.

Speculation
Although it is a worldwide festival I don't see it coming after cryptocurrency prices mainly the bitcoin, I don't see anything that might affect the digital world over this event. As we all see, the halving that took place turns out to be non related stuff for the price of bitcoin which exactly is a direct hit to bitcoin. And to altcoins, I cannot see it coming also. But let's see what could happen nonetheless.

Though Eid maybe a large festival observed by a large portion of population, the Eid celebrating people have very little impact on crypto markets.
Many of them needs the approval from religious leaders to invest in crypto and most of them use it as a payment gateway than actual investment.

Lol I don't know how real this is, but to Op so many things are compared to the price of bitcoin. Before halving we saw topics like what happens to bitcoin price after the event. Bitcoin price can be affected by the Chinese "New Year" I experienced it in 2018 February but for Eid I am not sure how big the event is to affect the price of bitcoin. Just like what i quoted.

That will be difficult to predict as we know that bitcoin can change to any price and we don't have the right information about that. Unless you can have time travel machine to know how much bitcoin price at that time ;D

I think bitcoin will not go too far than the price now, but we can hope that from the next week, bitcoin can start increase although the price cannot rise so high. If bitcoin price can break $10k or even more, that will be a good time for us to sell the bitcoin. But if the bitcoin price can not increase and hit $10k, then we need to be patient for more.

I am not expecting any effect on bitcoin due to upcoming Eid. Because just recently we have encountered the most expected halving occasion and we have seen it doesn't effect much on the bitcoin price. There was small volatility which wasn't countable, it's just normal behavior of bitcoin. Only a small part of bitcoin community would sell their bitcoin in order to celebrate Eid, so it would effect much on bitcoin trading. Probably we will just encounter normal volatility there.

Here we go again, people attributing Bitcoin's price action with random current events that likely have no impact whatsoever on the price of Bitcoin.

Tell me, why on Earth would Eid have any impact on Bitcoin's price? That's like saying Eid would alter the price of Gold, Stocks and practically any other asset... It obviously doesn't.

There's no point making a thread for every single event and asking how will it affect BTC's price....

Do you have any idea how complex the BTC markets are, it's highly unlikely that a single event can be linked with its price action.

you are just linking another very irrelevant event to bitcoin so the answer is that nothing will change because like many other things (new year, Chinese new year, US stimulus check, Coronavirus, some gold bagholder spreading FUD,.... none of them affect bitcoin price.
and altcoins aren't even affected by anything that goes on in the world. the only thing that affects them is their pump and dumpers who are making money by scamming newbie traders in the altcoin market.

Why do you need to link the price of Bitcoin to a continuous process, an event or an event? There is not much time left until the eid period. I don't think we can see very volatile movements in this process. But more importantly, there will be no correlation between Bitcoin price and the holiday.

As we all know, the crypto market is a market that does not sleep, where 24/7 trading continues. In this case, something extra is required to wait for events such as eid, Christmas, Xmas, UFC, and super bowls to affect the price directly....

what do you mean by "Eid"? Are you talking about Eid al-Fitr that will happen on Saturday, May 23 according to google and in my country will it be on that date?


just ask yourself: how many Muslim people bought lots of bitcoins to the point that they all decided to sell at the same time and cause the price to fall a lot?


this event does not affect the price. You should see that the guys that affect the price are:

1 -  US president

2 - president of china

3 - the SEC guys

when these three that I mentioned appear to speak very badly about bitcoin you may have reason to be worried because the price will fall a lot

Such events don't have a correlation with bitcoin and altcoins price. This is like the Chinese New Year speculation but nothing really happened after that. You don't have to think about it Joyawan.
Btw, Eid Mubarak to you guys.
I'm not a Muslim so please correct me if I said it wrong.

I agree ... Eid is a festival celebrated by Muslim society. How would this affect the price of BTC? I do not really understand...

Move your topik to speculation board (https://bitcointalk.org/index.php?board=57.0).

There should be no significant effect on the price of bitcoin in terms of celebrating religious holidays. You dont need to be afraid that bitcoin holders will sell their bitcoins and dump prices. I Dont think thats the case but it is possible that prices have dropped slightly based on demand and supply. Price volatility persists even though the effect is very small "if any" at annual celebrations such as Eid.

I really don't understand why we always correlate the price of BTC to any religious event though. This is re-hearse, and as others have noted out, the Eid won't impact bitcoin. And regardless of any holidays or whats not, the price can go up and down, that's how the whole economics of bitcoin.

No events are going to have an effect of the price. And remember that this is a global market 24x7, maybe other parts of the world are celebrating Eid, but on the other side, people are trading. The price is still determined by supply and demand and not any annual holidays.

Eid is a big celebration in muslim community. But what people will celebrate i this crisis situation where lock down is extended. I thought going to my parents in Eid vacation but Govt don't allow traveling. As a result what people will buy from market and is there any money left for people to spend? Thought you have everything in Crypto but you can't spend. So, there is no demand in crypto like fiat market. At least we expect Bitcoin will not go down anymore.

Just because it is a big celebration in the muslim community does not mean that it is also a big thing to the crypto community. It does not even follow that since the Eid is coming it will prompt all the muslims to sell or buy as one. Religion is not a factor in the price movements of Bitcoin and altcoins. 

Exactly, people don't what to invest without knowing the real secret behind the crypto currency unless the religious leaders give a green signal for this. Also most of them are running out of money from the past two months as the pandemic is still hunting everyone so I guess there will not be any changes in the price.

 what is an eid ? sorry to ask this coz i didnt know this term yet  but i believe you arent talking about the halving right since this post was only made recently and halving was already over   . depends if what is this eid all about , if it was related to btc then people wont sell btc but they will prolly buy more btc   . if its an altcoin event then they may sell thier btc and buy more alts   .  but for me , its not a wise move to sell your existing coin just to buy other coin for preparation because your other coin can perfrorm more better in the future .

People that are selling their coins, seriously what are they using it for? Or don't they have another money that is kept as savings that they can use to celebrate the Eid without having to sell their coins? If they do sell their coins then I don't know what's going to happen.

There has been a halving and the cryptocurrency market has been a bit up quickly after the halving. I am already looking forward to a bull from here. Although it's not going to be something that's going to happen immediately, it's still going to happen, even if it's next year, just like it did the last time when halving happened. But, if bull run happens around festival times then I guess that must be a great thing for many people but no one could do anything about that.

Eid is a muslim festival which was also called a Ramadan. I'm not sure what signifies it, but they will be fasting for a week I guess?
Honestly, I don't see any relevance to this event with the Bitcoin price. For sure, they won't be using cryptocurrency as a currency to celebrate their event. This is about religion not a computer science event. AFAIK, muslim countries hasn't engaged in cryptocurrency like the UK, USA,ang China did.

They've already engage but on minimal aspect yet we know on how rich these countries specially on UAE or middle east ones.Same as you said i dont really see the relevance
on considering the aspect that it would give out significant impact on price if we do base up on Eid or another related things.Religion has nothing to do with investment even
if we do talk about traditional or into this crypto, its not really that connected at all.Come to think even that halving event didnt put that much traction.How much more
into this one?

They won't ever sell their asset in loss situation, that is something that should you know. Indeed crypto currency prices will be affected by some event but I think not for religious rituals. Have you remember bitcoin/altcoin price when Christmas came? I guess no!

They will sell abd buy a bitcoin and altcoin depend on market condition and some information who related to them like its movement/development and some bad news against the coin. Just suggestion to you, become an investor you should be carefull to keep your asset, don't be tempted to the news which does not necessarily have an effect on the market.