Bitcoin Forum

Hey,

question's there: What do you think, how will the BTC price be affected by Chinese New Year and the restrictions of the Chinese government?

Best,
google98 :)

I am expecting the price to go down, at least to 765$ or so. A couple of weeks ago I thought I would be able to buy btc at 400$, now that seems to optimisticc, anyways I am still waiting.

the Chinese are gonna be drunk for a week straight and bid bitcoin to the moon

The mass exodus has already begun, as millions go back to their homes for the celebration.   These next couple of days will be quiet, as people complete their journeys.   The first day or two of the actual holiday will also be quiet, since most families will have huge banquets and festivities and lots of fireworks at night.

I would say after day 3 of the holiday, those that have an interest in BTC will be breaking out their computers or iPads and logging in, or more likely, showing the rest of the family how it works.

The holiday last 7 days, but often people need an additional day or two to complete their return journeys.   Normal market activity in China should resume by about the 9th day of the new lunar year.

BTW, I am not Chinese, but I have lived in Beijing almost 9 years (it's what the BJ in my name stands for) and I am married to a Chinese girl.   So I am not an authority, but I do have some experience.

Price may fall if restrictions come to an effect. Perhaps slowly as Chinese people celebrate new year therefore don't have time to pay attention to bitcoin during feast. But after all they will eventually want to get rid of coins and get back to fiat. This is where we may see dramatic fall.