Bitcoin Forum

1. Ang Pao Na Lai Cryptoholder who joins the Chinese New Year sometimes has to take or cash their assets to prepare for the Lunar New Year, of course, for the Ang Pao hero. Among all the assets that have Bitcoin is the asset that was first thought of, given the rather high price.

2 Bitcoin Sale Off Because every year Bitcoin always decreases when Chinese New Year. So many of the cryptoholders sell their assets before the Chinese New Year. This causes a shock to the price of bitcoin.
 
3. Whale Dumping Bitcoin prices tend to go up a day before Chinese New Year and continue for the next few days. Analysts suspect Bitcoin Whale is anticipating this by doing a dump before Chinese New Year and pump afterwards.

I don't know where you got this but bitcoin price continous to decline for several months now*. The current price trend can still be consider as part of the bearish market effect which now lasted for a year.

I don't consider the Chinese New Year as one of the main reason of the current trend. It doesn't have a direct involvement in the first place. Yes some people cashing out but surely it doesn't have a big effect on how bitcoin price behaves today.

Anyways all my statements are just a simple speculation. Further responses will be follow if you will respond.

I think we are way past that now... Where mere speculation or news would stir up bitcoin price in either direction. Price right now is so unpredictable if you are to predict what happens this month or next month... But if you are predicting what happens in a couple of years. it's quite easy. it will rise at one point again and then a bear market will follow.

I'm pretty sure op has no idea what he's talking about lol.
Op, please explain #1, I'm curious.  ;D

This is quite fun) Open the charts for all cryptocurrencies and read who this person is in the first paragraph. Hope this panic will end soon

Thank you for sharing this with us and I see that we have large number of traders that are Chinese.  I think we can really do ourself good by understand what op share with us and now when to buy bitcoin at cheap price.

but there is a reason number 0 which supersedes all of these and it is the fact that price has never declined during the Lunar New year so everything else you said here is simply false.
the thing is, every year people start the same thing about it. they claim that people sell their bitcoins during this particular time and then they sit around waiting for the drop they "guessed" is going to happen, to happen. but it never does. sometimes price goes down for other reasons which makes them believe they were right!

I remember all the similar threads about the Chinese Lunar new year last year at that time.
So you think that millions of chinese people sell their bitcoin holdings in order to prepare for the celebration. ;D Are you kidding me?The crypto ban in China will continue.Nobody isn't selling any cryptocurrency there.

I really can't see any connection between Chinese Lunar New year and Bitcoin price. And I'm certainly not convinced that you have any relevant data which could prove your theory. Actually such conclusions without any solid ground could only help to spread panic and fake information which is no good for anyone. Pure speculation, there is no influence of Chinese new year on the market.

Those reason might be true about the declines price of bitcoin on market. There are many reasons why the price of bitcoin keeps on declining and I already see some thread that some holiday can affect the price of bitcoin but I think its not true.

Bitcoin has been falling since last year and it has nothing to do with Lunar New Year in Chinese. The reason why bitcoin keeps declining is because it is the time to decline since the last price correction happened last year it never stop until now. We just have to wait for the right time for the market to rise and people are already deciding that it will happen next year. Let's just forget the ETF, Bakkt and other stuff for a moment it is not helping either way.

Not sure if you are talking about reasons why prices are going down or you are just saying traditional Chinese superstitions that I haven't heard of, the only Chinese "month" I see when prices are really affected is what they call the ghost month which is pretty evident in most stock markets. But the other members have pointed it out and are right to say when they said that Bitcoin has been declining for more than a year now, so really I don't think that this Chinese new year has really have an effect on Bitcoin's prices.

I can't understand how these events are connected with Bitcoin and how you correlate the effect of them to Bitcoin prices.
I think there are just assumptions or something that you have created from your mind... Are there any sources that indicate this relation of them? I would like to read about it if you have anything to prove it.

I wouldn't hold my breath if I were you.
OP clearly doesn't speak English well enough to give you an answer here.
He probably copy pasted an article he read, translated it with a translating tool but I'm willing to bet he definitely has no idea what he's talking about.
I guess he was hoping for merits or something here.

Well, probably that will contribute that downtrend of crypto prices if ever that has happened, but that is not the main reason.
I don't know what Chinese people do if there's an event like this, but if I were them I rather hold my crypto asset than spending or converting into fiat. We don't know yet what will possibly happen but here is a way that for sure you will know, hold for a while and patiently wait for the market price movement.

Before, I used to believe that there's a connection between the Chinese New year and bitcoin's price due to most of the Chinese holders sell off in preparation and welcoming of the celebration.

But on this point, I don't see any significance why there has been a correlation now why the market declines before and after the Chinese new year. The clear thing that I can see now is that we're still on the extension of bearish trend.

again with this lunar year thing? bro, it is not a thing and it won't become one no matter how many times it is being repeated. it is the same false mentality as end of the year dump, tax deadline dump,... people aren't selling at any of these times and 10 years of history has already proven that. price has never declined because of any of these things but every year people start the same thing!

are you kidding me ? the Chinese generate more than half of the total daily supply, they sell more BTC than the rest of the world combined.

but still the OP is bullshiting to say the least, looking back at the chart, you can tell that this theory doesn't make any sense, the month of Chinese new year was never an exception , it was just like any other month, it had its ups and downs.

  

Since someone asked and no one or OP seems to be wanting an answer, #1 was just a tongue in cheek phrase in Mandarin asking for a red packet containing casb (typically given away to family and friends by Chinese celebrating the new year). It generally means cash expenditure but OP neglects to mention this is actually done the month before so any liquidation should have happened even in December.


Add to Christmas, and even Black Friday... It may have had a point if a whole lot of feng shui believing whales traded superstitiously but yeah, we're way past that. People don't like giving up ideas though...

It's indeed true, Chinese New year could be a big event but as what you have been told,  the decline already been so this has nothing to do with it. It's just another thing that probably has a sense but this is all just speculation and everyone is still wondering about the status of its value.

Haha. I believe the OP doesn't know how to speak English and used an online translator.

I also googled "Ang Pao Na Lai" and this came out,

https://sd.keepcalm-o-matic.co.uk/i-w600/keep-calm-and-angpao-na-lai.jpg

Ang Pao Na Lai might be those red envelopes with cash that the Chinese give each other during the Chinese New Year.

In our local dialect we call it Ang Pao as well (because we have Chinese influence as well) and yes those are red small envelopes that you need to put cash before giving it to someone as a gift or for pure luck.

Anyways, back to the topic, last year almost everyone call it, that bitcoin will decline during or after Chinese New Year but since it's we're on the 2019 calendar and the price is still on the decline. So there's no correlation after all whether it's Christmas or Chinese Lunar New Year, it has no effect whatsoever in the price.

It is exactly the same as the regular christmas or new year and nothing different, just instead of a global thing or a christian thing it is just purely chinese thing.

Normally, on new years and before that people sell their coins so they can cash out and buy stuff, the trees the decorations the entertainment out on a restaurant or something the presents and what not, it all costs a lot of money and people usually spent a lot on stuff like these. That requires a capital and in todays' world not many people have cash to withdraw from bank to spend on stuff like these, some people have investments on stocks, some people have savings account with interest, and some people like us have money in crypto to cash out and spend on these things (like I did on this new year) hence all of these that happened on our new year, happens on all chinese new years as well.

let me take a different approach this time.
lets start from yourself. you are here so i am assuming you have invested in bitcoin. so let me ask you this, do you sell your bitcoins before holidays? how about other investments? stocks, bonds, gold,...? do  you sell them before holidays?

i am looking forward to hearing your answer. because that is the biggest problem with people who speculate about bitcoin nowadays, they read something online and then think that is correct without thinking about it. when you are not doing something, others don't do it either because of the same reasons. in this case these are your investments, you don't just liquidate them before holidays. you may cash out profit but you do that during rises not after falls at the bottom. and if you are doing otherwise then you are not such a good investor, maybe you have to rethink your strategies.

maybe he only speculated because he was getting tired because the price of bitcoin could not show a price increase anymore  ;D, but it seems like yesterday the price of bitcoin occurred pump which made the price of all cryptocurrency start to rise after the Chinese New Year.