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Author Topic: 3 Reasons Why Bitcoin Always Declines When Lunar New Year  (Read 141 times)
elsyaif96
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February 04, 2019, 05:44:02 PM
 #1

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.
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February 04, 2019, 06:08:54 PM
 #2

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.

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February 04, 2019, 06:18:24 PM
 #3

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.

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February 04, 2019, 06:44:30 PM
Merited by Wind_FURY (1)
 #4

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



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TiredShoe5
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February 04, 2019, 07:34:05 PM
 #5


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
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February 06, 2019, 10:14:30 AM
 #6

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.



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Rainbot
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February 06, 2019, 10:27:30 AM
 #7

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!

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February 06, 2019, 01:25:59 PM
 #8

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. Grin Are you kidding me?The crypto ban in China will continue.Nobody isn't selling any cryptocurrency there.

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February 06, 2019, 02:04:44 PM
 #9

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.

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February 06, 2019, 02:26:30 PM
 #10

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.
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.

_Crypto made easier than cash

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February 06, 2019, 02:27:31 PM
 #11

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.

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February 06, 2019, 03:18:10 PM
 #12

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.

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February 06, 2019, 03:51:17 PM
 #13

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 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.

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February 06, 2019, 05:00:29 PM
 #14

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 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.



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sheenshane
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February 06, 2019, 06:05:31 PM
 #15

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.

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February 06, 2019, 11:52:34 PM
 #16

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.

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February 07, 2019, 03:12:22 AM
 #17

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!

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February 07, 2019, 03:24:46 AM
 #18

Are you kidding me?The crypto ban in China will continue.Nobody isn't selling any cryptocurrency there.

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.

  

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February 07, 2019, 07:50:42 AM
 #19

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.

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!

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...

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February 07, 2019, 08:55:28 AM
 #20

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.

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.

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