Will market dump on Chinese New Year?

[xSkylarx]

Chinese New Year is on February 12. Do you think bitcoin and other altcoins will dump on that day or before? Seeing the current market now is going up I doubt that it will go down but many were saying that it's already a tradition that the market goes down during this day. Will bitcoin go below $30k? Is this a buying opportunity for many of us.

What are your thoughts on this?

[Tytanowy Janusz]

Chinese New Year is on February 12. Do you think bitcoin and other altcoins will dump on that day or before? Seeing the current market now is going up I doubt that it will go down but many were saying that it's already a tradition that the market goes down during this day. Will bitcoin go below $30k? Is this a buying opportunity for many of us.

What are your thoughts on this?

8 days to drop 20%? Not likely. I think it will not affect price. Maybe 5-10% and fast bounce back. There is no fundamental reason for dump due to Chinese New Year.

[Oasisman]

Take this post from Jawhead999 for reference.
https://bitcointalk.org/index.php?topic=5215736.0
As you can see at the chart he posted from 2014 - 2019. Bitcoin tends to have short decline, and bounces back right after.
So, If we have to follow that kind of pattern, I believe Btc will sit around $33,000 - $35,000 base on it's current price today.

Here's another Chinese New Year Bitcoin price table from different source.

Year:
2020
Pre CNY High:
$8,500
CNY Low:
$8,240
Price Drop:
17%
Year:
2019
Pre CNY High:
$4,041
CNY Low:
$3,350
Price Drop:
50%
Year:
2018
Pre CNY High:
$14,000
CNY Low:
$7,000
Price Drop:
20%
Year:
2017
Pre CNY High:
$1,000
CNY Low:
$800
Price Drop:
8%
Year:
2016
Pre CNY High:
$400
CNY Low:
$371
Price Drop:
7.25%
*Data based on Bitcoin Prices on Coinbase. Pre-CNY Highs taken as average candle price up to 4 weeks before the New Year.
Source : https://www.google.com/amp/s/boxmining.com/chinese-new-year-bitcoin/%3famp

In this table It clearly states that Bitcoin tends to decline during the Chinese new year or days ahead before the Chinese new year. But, I guess this year is different than the rest  of the history. Btc just gained 10% in the last 48hrs, and there's more than 1 week before the CNY.

[maydna]

That is a big question because, from what we saw before, the Chinese New Year can affect the price, and I think that is already happening in previous years. I hope the bitcoin price will not go down below $30k, but if that happens, we must use it for buying more bitcoin because we will have a discount price to buy bitcoin. It is better to prepare the money from now as we still have time to profit from the other coins. I hope the price will stay at the current price and turn the direction to go up after the Chinese New Year.

I wish we can sell the altcoin at a peak as I see that some altcoins still try to break the higher price. So we need to use this time to earn more bitcoin.

[Woodie]

had it not been the pandemic people would have dumped their crypto to have funds to spend during this period

but now because we all trying to use contactless money to prevent catching the virus, I see the Chinese New Year stimulating demand for BTC(crypto).

[senyorito123]

Chinese New Year is on February 12. Do you think bitcoin and other altcoins will dump on that day or before? Seeing the current market now is going up I doubt that it will go down but many were saying that it's already a tradition that the market goes down during this day. Will bitcoin go below $30k? Is this a buying opportunity for many of us.

What are your thoughts on this?

Here we go again, speculations will start and be used as escape of dumpers. They tried to deceive the minds if innocent traders, and thought that it would make them afraid.
If there's no good opportunity this Chinese new year, price would potentially decline if there's no further demand increase.

[Lucius]

Given that cryptocurrency trading has been banned for years in China, what used to happen is no longer the case.  The Chinese have a habit to donate money as a gift in a red envelope, so this event was associated with the fact that the Chinese usually sell BTC at that time and thus influence the price.

Although there are a lot of Chinese people living all over the world, and they are returning home for the Chinese New Year - I don't think that will affect the price of BTC.

By the way, 2021 is the year of the ox in the Chinese calendar - so even though it's not a bull, this one still has horns

[philipma1957]

Chinese New Year is on February 12. Do you think bitcoin and other altcoins will dump on that day or before? Seeing the current market now is going up I doubt that it will go down but many were saying that it's already a tradition that the market goes down during this day. Will bitcoin go below $30k? Is this a buying opportunity for many of us.

What are your thoughts on this?

My thoughts are you should do a short for 30,009 price on 10x margin

if you believe it could reach under 30k by feb 12


For me personally I see 47k some time this month.

So we are on opposite sides.

[Fundamentals Of]

No, it will not dump on Chinese New Year. And if ever it does, it is not because it is the Chinese New Year. The Chinese market does not dictate on Bitcoin's price. There may have been instances in the past where Bitcoin slightly decreased in price during the time of the Chinese New Year but I never thought that the decrease was due to the Chinese New Year. But it may have a little influence.

Chinese businesses may be affected by this Chinese New Year pattern but not Bitcoin. China does not comprise the largest market of Bitcoin.

[buwaytress]

Another year, another "OMG China gonna sell BTC to buy their family expensive gifts and mega dumplings". I have family who celebrate and as much as they want to wheel in the good times with fortune blessings to the ancients, no one liquidates their holdings to have a good time. Their ancestors would decry that.

Besides, haven't the past lunar new years said enough about the whole thing?

[sunsilk]

Nobody knows. IIRC, last year there's no action that happened during the Chinese New Year. As opposed to what others were thinking that there could be a sell off by that time.

The actual CNY, there's nothing happened. If it will go down to $30,000 again then that's the opportunity again. We'll just take it as buying time and moment if that comes.

[Jawhead999]

I think Chinese New Year on this year may not or less affect to Bitcoin since we're still on pandemic/new normal, many countries nor peoples aren't celebrating due to social distancing. So, many peoples aren't travelling or spend their money to buy some stuff to celebrate on their homes, probably they still celebrate it but only with their family.

[Furious 7]

I think Chinese New Year on this year may not or less affect to Bitcoin since we're still on pandemic/new normal, many countries nor peoples aren't celebrating due to social distancing. So, many peoples aren't travelling or spend their money to buy some stuff to celebrate on their homes, probably they still celebrate it but only with their family.

I really think so, the Chinese New Year now is not like before who can go where he wants but with this restriction it will probably not be affected by the price of bitcoin even I have no fear the market will fall at that time.
For me, never see news that worsens the situation, even when many people panic, they will sell freely, therefore Chinese New Year for me this year is normal.

[Review Master]

Will bitcoin go below $30k? Is this a buying opportunity for many of us.

What are your thoughts on this?

Most of the hashrates of bitcoin mining is coming form china and maybe they dumped a little bit , but i don't think that it'll be a massive correction as everyone're so much bullish atm. After all, only panic users will try to dump on their own festival to regret later on. But it'll be a great oppertunity for future traders or hodlers to fill up their portfolio with more if that happen.

[kpierce77]

I think Chinese New Year on this year may not or less affect to Bitcoin since we're still on pandemic/new normal, many countries nor peoples aren't celebrating due to social distancing. So, many peoples aren't travelling or spend their money to buy some stuff to celebrate on their homes, probably they still celebrate it but only with their family.

I don't really understand the regulations of social distancing in China. but I saw the news during the new year 2021 they also celebrate it. maybe they will tighten their social distancing regulations even more, because it's their native new year? I'm not really sure about that either. but maybe it will keep trading activity in China less and maybe there will be a decline, but I would not think that the decline will reach the price level below $30k. maybe between $31k and it will recover pretty quickly, considering that we are currently in a pretty positive trend

[notblox1]

2021 is Chinese new year of Ox and preparations for their new year begin on February 4th until New Years Eve, but they have festival that last 16 days until February 22nd, so it's not one simple date to take into consideration.
If we look historically Bitcoin did drop in price in previous years but it was only temporary, and situation globally in world is very different this time and I don't expect price to go below 30k

[Ifemini]

I have a feeling this year Chinese new year will be different from other years as regards crypto currency trading and market; i say this because the effects of the pandemic means you cannot really go out on holiday as it should be; and there would not be desperate need for money at all. But still anything should be expected; do your own research and set up stop loss if need be

[Argoo]

The fall in the price of cryptocurrency in the first half of February occurred earlier, but it has not been clearly established that this is precisely due to the Chinese New Year. Previously, there were other reasons why the price of bitcoin fell during this time. Now the cryptocurrency market has become more mature and I think that it will no longer react so well to such external factors by lowering the price of bitcoin.

[LUCKMCFLY]

I don't think so, I think that the market is not only moving in China, there are many Bitcoin holders around the world and also the institutional investment is very large now, each of them will defend their position and for Microstrategy, Paypal and others they will not It is convenient to see Bitcoin in low price again.

[batang_bitcoin]

Most of the hashrates of bitcoin mining is coming form china and maybe they dumped a little bit , but i don't think that it'll be a massive correction as everyone're so much bullish atm. After all, only panic users will try to dump on their own festival to regret later on. But it'll be a great oppertunity for future traders or hodlers to fill up their portfolio with more if that happen.

If a dump happens, the market will recover as quick as it can. We saw it many times and that's likely to happen if ever this Chinese new year is still the same in the past. Some miners who have saved as much as they can are likely to dump to celebrate the new year with their profits.

I have a feeling this year Chinese new year will be different from other years as regards crypto currency trading and market; i say this because the effects of the pandemic means you cannot really go out on holiday as it should be; and there would not be desperate need for money at all. But still anything should be expected; do your own research and set up stop loss if need be

But China has already recovered from the pandemic, they're now one of the free country.