Uh oh Chinese new year is 1 day away and people are cashing out and bitcoin will be falling again starting today.
We're seeing growth in the exact opposite direction, though.
As I've said in previous posts, I think that it's still a bit of a myth whether Chinese New Year actually affects bitcoin prices or not. But the myth is so huge and so many people believe in it, that it's actually becoming a reality. Either that, or it actually does happen.
It makes absolutely no sense for markets to go backwards because of Chinese New Year though.
Let's assume that Chinese people do cash out before CNY in order to buy gifts or whatever in preparations for the new year, then the crash would have came way earlier than today, and from tomorrow on price should actually start recovering. If this isn't true, then price should not be affected whatsoever. None of these outcomes specifically results in a falling BTC price.