Chinese New Year - Crypto Market

[Xxmodded]

Well, that is unpredictable as for now. We can not give accurate answer but we have different speculation on it.
First, --people there cash out their Bitcoin holding and spend these holidays come and enjoy at the moment together with their families.
Secondly, --people invest bitcoin because they receive a gift comes from their families and relatives. Something like that but we are still on speculation. Indeed, if we are talking about the effect there is a significant effect but we dont know if either up or down movement.

Always have different speculation about bitcoin price when Chines new year but for tomorrow I think bitcoin will back to higher price, after several days Chinese new year ended maybe bitcoin give chance for investor get much profit with back to higher price, when three months later halving time keep good moment for bitcoin have higher price.

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[bitgolden]

Honestly, this wasn't really that big of a deal, normally I would be sad if there was nothing major going on and price dropped but 8.2k is still a high price from where we are just a month ago. So, if Lunar new year happened and this is all it can drop the price, I think we are fine. Remember we have so much things we should be really worried about, like halving getting closer and cost of one bitcoin to be mined will change (at least 1.5x more even with higher transaction fees) so these kinds of falls doesn't really matter.

We will get higher for sure after the halving, maybe not right afterwards but eventually this halving will change some things in bitcoin world. You think billionaire people like Jihan and roger would just let competition take up their profits? They will make sure to hold as much as possible without selling cheap and get the price higher.

[Desscount]

the Chinese New Year is over, let's watch the direction of bitcoin will the price of Bitcoin go up or go down, right now Bitcoin is still in the support zone, if it hold I'm sure it will go up

[Betwrong]

Well, that is unpredictable as for now. We can not give accurate answer but we have different speculation on it.
First, --people there cash out their Bitcoin holding and spend these holidays come and enjoy at the moment together with their families.
Secondly, --people invest bitcoin because they receive a gift comes from their families and relatives. Something like that but we are still on speculation. Indeed, if we are talking about the effect there is a significant effect but we dont know if either up or down movement.

Interesting, because many people, including me, think that there is no effect whatsoever. All those cashing outs by holders for buying presents and celebrating Chinese New Year with their families can hardly constitute even 1% of the BTC's daily trading volume. And the same goes for other big holidays in the world. The thing is that Bitcoin holders are not regular people, and BTC itself is not regular money. I mean, the holders would rather spend all the fiat they had on celebration instead of spending their precious Bitcoin while the price is still low.

[monineklutak]

in China, today is still not back to normal, the situation there is still very tense, even though the Chinese New Year ended the corona virus is a threat to China, even the world, if this virus is not treated immediately then the world economy will definitely be affected, including the crypto market

[cutesgirl]

in China, today is still not back to normal, the situation there is still very tense, even though the Chinese New Year ended the corona virus is a threat to China, even the world, if this virus is not treated immediately then the world economy will definitely be affected, including the crypto market

Looks well after Chinese new year where bitcoin and altcoin have back to their place with higher price, I hope with new moment in the next time not make bitcoin have lower price but keep stronger to be in higher price again, always looking chance how to get profit with bitcoin and altcoin.

[FLoving]

Saturday, January 25 is Chinese new year and give bad thing for bitcoin price become down, how ever just left two days later for Chinese new year and I hope bitcoin could back to higher price again, I think two days left have not worried again bitcoin will down and bigger chance for bitcoin back to higher price, but we must wait until Chinese new year ended.

What could be the connection of the Chinese new year to the price changes of bitcoin? It is not that chinese people would be trading and buying crypto currencies at that time.

We all say that it is because of the Chinese new year holidays because in the world the Chinese and the USA markets are the biggest markets and when there is any holidays in these two markets then the stock market of the whole world is affected. But it will not much affect everything one after a few days we will see a high boost in the market because everyone will come fresh to the market and they all will reopen their businesses with a high energetic move.

[Kyraishi]

I think that there is definitely some sort of correlation between CNY and the wider crypto markets.

It seems as though that prior to the Chinese New Year there is a general sentiment of profit taking, in which traders irrationally dump coins in response to any sort of price movement to get out of the market (perhaps a self fulfilling prophecy as well, in some ways?). This could explain why $9k resistance proved to be extremely tough and the panic dump that ensued afterwards.

There is really no real link to back up this correlation, though. It could be entirely psychological and self-fulfilling, but I do expect a similar trend this year.

[iamMhew]

I'll be more interested on the weekly chart, say example a week before and after the new year historical price data. To see the significant effect of the Chinese New Year. But nonetheless, I see price on February or after January saw its uptrend trajectory. Probably we can expect a price increase soon I suppose.

[Bonenx14]

Saturday, January 25 is Chinese new year and give bad thing for bitcoin price become down, how ever just left two days later for Chinese new year and I hope bitcoin could back to higher price again, I think two days left have not worried again bitcoin will down and bigger chance for bitcoin back to higher price, but we must wait until Chinese new year ended.

What could be the connection of the Chinese new year to the price changes of bitcoin? It is not that chinese people would be trading and buying crypto currencies at that time.

We all say that it is because of the Chinese new year holidays because in the world the Chinese and the USA markets are the biggest markets and when there is any holidays in these two markets then the stock market of the whole world is affected. But it will not much affect everything one after a few days we will see a high boost in the market because everyone will come fresh to the market and they all will reopen their businesses with a high energetic move.

this happened a few days ago during a national holiday between the countries, the market conditions would usually decline due to the large number of sales to meet needs. but now that we can see price growth again, business has restarted. China has indeed become one of the big places for crypto, and the activities they carry out will have a lot of impact on the market

[oktana]

there seems to be no big difference, market interest is far thicker than the issue of the holiday yesterday.

bitcoin is still evaluating several times to touch the support point as often as possible and on the 25th yesterday it has dropped to touch $ 8367 at the daily closing price, I even think the price will fall below $ 7000 at that time, but market interest is much stronger and reflects prices back up to $ 8600.

[BChydro]

the Chinese New Year is over, let's watch the direction of bitcoin will the price of Bitcoin go up or go down, right now Bitcoin is still in the support zone, if it hold I'm sure it will go up

I was expecting the doge coin market to rise during the Chinese new year but this time we did not see a rise, in the past we would have seen an rally in the market but this time around the market was silent which means anything that happens in China will not have a big impact in the market.
With halving coming up we will see a trend reversal.

[karanggatak]

Chinese new year has passed and I think there is no significant change to bitcoin. when the Chinese New Year yesterday the price of bitcoin fell slightly. and in my opinion this is an ordinary decline. this proves that there is no connection between Chinese New Year celebrations with bitcoin. today bitcoin is starting to increase again hopefully this increase continues even though the increase is only a few percent hopefully in February bitcoin can reach a price of $ 9k.

[Darooghe]

If you have seen the trend chart of Bitcoin, the China, Korea and other Asian countries have a driving power for this market if you will see the fluctuation in the market and their effect from. Major fluctuation happened due to these counties only. almost most of them tend to buy cryptocurrencies. So therefore, The lesson I get from crypto market, buy a good coin, hold and forget. Come back in a couple years and check the value of your holdings. Cash out what you need. Come back when you need more.

[Google+]

in China, today is still not back to normal, the situation there is still very tense, even though the Chinese New Year ended the corona virus is a threat to China, even the world, if this virus is not treated immediately then the world economy will definitely be affected, including the crypto market

well indeed I think they are currently thinking about how to deal with the virus that is spreading in their country and I think their economic conditions are not too thought about and they are more concerned with how to make themselves healthy again.