Chinese New Year 2019

[Awkward_Public_Stoner]

So historically bitcoin price tanks around Chinese New Year, starting around 23 days before the event. (https://steemit.com/cryptocurrency/@budz82/coincidence-multi-year-bitcoin-crash-pattern-like-clockwork-btc-has-crashed-25-35-for-4-years-in-a-row-23-24-days-before-chinese)

Chinese New Year 2019 is February 5th, which means we are in the middle of the 23-day-period approaching the big bang. What do you think? Do you believe in the Chinese-New-Year-Theory? Think we have bottomed yet price-wise or will it go down further?

[Xardasim]

We witnessed the impact on the price last year. This new year will probably repeat last year. But, on the other hand, our New Year did not affect the price, perhaps it will be repeated in China too. Situations are very complex and we are closer to red.

[anu1908]

Anything, even if it really doesn't make sense can affect the market. At this moment I believe market is purely emotional, one good news is not enough to pump the price but one minor issue can bring down the whole market.

I'm not a fan of historical price action and this self-fulfilling theory, but it's quite possible it will happen again. People tend to remember the bad things and want to avoid it at all cost.

[phuonganhdpa]

The current market is very complicated. We cann't predict exactly what will happen. But I don't think, that the market will go down at this time. Because all of investors will look at what happened last year, they will be much more cautious.

[dabao123]

china PPIO:https://www.pp.io/
u have to see, Similar to IPFS

[capitan_rocotan]

So historically bitcoin price tanks around Chinese New Year, starting around 23 days before the event. (https://steemit.com/cryptocurrency/@budz82/coincidence-multi-year-bitcoin-crash-pattern-like-clockwork-btc-has-crashed-25-35-for-4-years-in-a-row-23-24-days-before-chinese)

Chinese New Year 2019 is February 5th, which means we are in the middle of the 23-day-period approaching the big bang. What do you think? Do you believe in the Chinese-New-Year-Theory? Think we have bottomed yet price-wise or will it go down further?

To be honest, this theory seems ridiculous to me. Bitcoin and the entire market cannot rise like this because of a holiday in one country. Here everything is much more complicated.

[MFahad]

We witnessed the impact on the price last year. This new year will probably repeat last year. But, on the other hand, our New Year did not affect the price, perhaps it will be repeated in China too. Situations are very complex and we are closer to red.

Last year the situation was different. Bitcoin was near its very high price at this time last year and it was bound to go down. Many people were finding reasons for its down fall and Chinese new year was considered as a cone reason.
The current year 2019, the bitcoin is at its very low price and i do not think it can go further down, so Chinese new year will have no effect on bitcoin prices.

[pooya87]

So historically bitcoin price tanks around Chinese New Year, starting around 23 days before the event.

your whole argument is based on a false assumption here.
historically bitcoin price rarely drops around any new year. in fact most of the times people start talking about the fall that never happens and it remains as their false speculation. you can check it out every year. the fact is, new year has nothing to do with price and it definitely has nothing to do with its drop. the only thing that happens during that time is a less active market, nothing more.

[jake zyrus]

The current market is very complicated. We cann't predict exactly what will happen. But I don't think, that the market will go down at this time. Because all of investors will look at what happened last year, they will be much more cautious.

Right, It's hard to predict and very complicated exactly what happen this year and most investor's now are more alert in price value in the market, cause they don't want repeat on what happened last year they are more cautious now than before.

[Kopyleft]

The market was also expected to drop during the summer holiday of last year, and then make a recovery when traders and investors return from vacation, but this trend was not reflected last year. Its possible the Chinese New year trend may also not apply to this rapidly changing market.

[coin8coin8]

In fact, the Chinese New Year has little effect on prices, and even because people need to sell some crypto in order to spend money in the New Year, this may lead to further decline in the price of crypto. Past experience has proven that the Chinese New Year has no effect on the market of crypto.
I think a healthy crypto market should try to avoid being affected by real-life festivals, otherwise it is just an immature market.

[NeuroticFish]

There's a chance Chinese New Year will affect the price, and there's also a chance Bakkt launch will affect the price.
But the size also matters. And this depends a lot how much will Bakkt affect.

Since the price is not great, there's a good chance that neither of them would do anything big.

[Wong Kalong]

Indeed, if you look at last year's experience, the Chinese new year does not affect crypto can improve, quite the opposite even though many hope there is a fresh breeze. Changes are not very visible and may run stable like the current conditions.

[Sebas.tian]

It's unreasonable to speculate what's gonna happen in the future based on the past in this space where a single news can affect the market greatly. Imo There isn't really special about chinese new year this time of the year for crypto, its just that people escalate to FUD or something..

[bubu4845]

i think this year, bitcoin price will still same,nothing change about it, so much fud and reduced interest in the community, that is the reason

[Xardasim]

We witnessed the impact on the price last year. This new year will probably repeat last year. But, on the other hand, our New Year did not affect the price, perhaps it will be repeated in China too. Situations are very complex and we are closer to red.

Last year the situation was different. Bitcoin was near its very high price at this time last year and it was bound to go down. Many people were finding reasons for its down fall and Chinese new year was considered as a cone reason.
The current year 2019, the bitcoin is at its very low price and i do not think it can go further down, so Chinese new year will have no effect on bitcoin prices.

We are talking about the China that has 1.5 million people. After 1 year this kind of approach is not right. Price could have been 4k instead of 20k. Then would the New Year not affect the price? Considering that Fundamental analysis is a more useful analysis fro now, in my opnion it is going to affect a little.

[Slow death]

So historically bitcoin price tanks around Chinese New Year, starting around 23 days before the event.

"  historically " 

you forgot that the Chinese government do campaigns against bitcoin

Chinese New Year 2019 is February 5th, which means we are in the middle of the 23-day-period approaching the big bang.

China no longer has much influence on the price

What do you think? Do you believe in the Chinese-New-Year-Theory? Think we have bottomed yet price-wise or will it go down further?

Like i said: " China no longer has much influence on the price "

we have to stop looking for reasons to justify the price drop, there is no demand, governments are more skeptical about bitcoin, in countries where regulations exist these regulations are not very advantageous for bitcoin, if months pass and we do not hear news like: "country X has legalized bitcoin and their people can use bitcoin as a means of payment." if people are not using bitcoin as a means of payment, then they are just using it to: " buy and sell at the exchanges "

lots of people only just use bitcoin to trade

[Red-Apple]

So historically bitcoin price tanks around Chinese New Year,

um, what chart are you looking at because i don't see it!!!

as far as i can remember each year people make the same statement and guess what, price has never fallen during that time despite what you guys claim every single year.

take 2017 for example. i remember clearly there was  a big campaign talking about how there will be a big dump and price will crash to $600 (price was $900 at the time). then at the start of February price started going up and continued rising all through the Chinese New Year and reached $1100 (20% rise).
same with 2016: price went from $364 up to $452 during first weeks of February (24% rise)

the funniest part is that even in 2018 (which was right in the middle of the big bubble burst) the price went up from $5900 to $8900 (50% rise) LOL

[gabmen]

Historically also, the last quarter of the recent years give us really good runs. We all saw what happened last year. It could start a new downward spiral yes, but i'm not betting on anything just because it was a trend before. I don't think it works that way anymore.

[mersal]

The current market is very complicated. We cann't predict exactly what will happen. But I don't think, that the market will go down at this time. Because all of investors will look at what happened last year, they will be much more cautious.

I think the Chinese new year will able to make the value become more higher from the next day so we can definitely agree to be a part of this journey has more improved for the next generation but still here lots of doubts will also be there in our minds soon the doubts will always be cleared by Bitcoin.