Topic: Bitcoin price on Chinese New Year (Read 398 times)

Chinese new year have big effect how bitcoin will go down because many investor from China will sell bitcoin how ever price because they want to celebrate their new Chinese new year, once year always have moment where bitcoin always have timing about bitcoin could higher price later, maybe stop for waiting and big hope with Chinese new year bitcoin have higher price.

in my opinion the Chinese new year will not affect the price of bitcoin. bitcoin prices can go up and down suddenly without a reason. and i see op chart there is no increase or decrease during chinese new year. if later in the Chinese New Year bitcoin increases I think it's just a coincidence. or this is a whale manipulation that utilizes the moments of the Chinese New Year.

The chart seems normal bitcoin movement to me. There are a few fluctuations in the price before the Chinese New Year but not enough to conclude that it was caused by the event. You can actually see that kind of fluctuations throughout the year whether there is a special holiday or not.

Since China is one of the countries with the most bitcoin users specifically in mining industry, they will probably cash out some of their bitcoin for preparing the new year and it will affect price but I don't think it will bring such a big impact for the price, it might affect the price but will not down drastically as we've seen in previous years. There's still halving which takes place within 4 months where people still collecting bitcoin as much as they can.

Look the same situation for bitcoin price down on Chinese new year in 2020, after four time whit chine new year bitcoin always have lower price because many China investor will sell their bitcoin assets for ready their new year, two weeks later for ready whit Chinese new year you have enough time to keep save your bitcoin become USD or convert to your local money.

Yeah I know, I am just referring to the long term investment because I'm fully aware about of the halving effect that's going to happen probably next year. This halving in May will not make any major changes in the market.

Short term investment is not profitable IMO if the situation of the market is most likely a bull trap.

I  think Bitcoin movement will be different this time.  It won't drop but would go sideways at worst.  I think we can see a small recovery of the price probably the prediction of $10k will happen.  It is just my speculation though anything will happen of course since Bitcoin price is so unpredictable.

Yup the current price of bitcoin was too far to its all time high most people think this 2020 will give a big move for bitcoin becase of its halving but who knows what will happen to 2020 halving.

Regarding to OP images on past chinese new year history chart its look like no effect on bitcoin price.

In Asia, there are many countries with Lunar New Year. And in this period most cashew investors don't trade any markets because it's customary and they preserve their money and use them to shop and spend for the new year, so During this period the market was very boring and prices tended to go down. So for me, the Lunar New Year has a lot to do with the development of this market

A bit of price increase, but that's it. Any long term effect regarding the Chinese New Year is honestly non-existent. Price movement is also quite minimal, but nonetheless possibly enough for day traders to make a bit of a profit, I'd say around 1 or 2%? Still, there are a lot of possible influences back then, I didn't really do much research but in general, Every yearly holidays should be thought of as something that increases the price of BTC, albeit only by a few percents, and the change doesn't really last, maximum of a few days I'd suppose.

Looking at some of the graphs you show if you take the average there is no significant thing before and after the Chinese New Year.
Prices only move a little, maybe between 1% -4%. This could happen maybe because China is a country that has high economic stability, so not everyone sells bitcoin at that time.
It might even be just opinions that make people influenced to sell bitcoin during the Chinese new year for fear that there will be a decline such as assets and other commodities which will certainly reduce the volume of trade as well.

As can be seen from the graphics the new year always affects the price. I remember that after the big increase in 2018, it affected the price enormously. So, this year we are likely to see the same result. This new year is the holiday of a billion people and not a few million, and if 0.5% of these people make sales, it is enough for the fall.

Is there any significant changes to the price if their's a festive coming? Well no maybe on other years it creates a coincidence since there's an event nor hype news come that's why we see some certain changes to the price. But now it's totally a different story and we should not look those day as certain indicator since it could turn us down remember that the demand is the major factor for a pump and we should look up for the event that will give a good contribution rather than expecting on chinese new year.

The Chinese New Year is like Christmas and the New Year does not have a big influence on the value of bitcoin because not all Chinese people know bitcoin, so for me there is no connection at all.

Bitcoin price can go to any price, no matter if we see a Chinese New Year or not, and I guess that this year will not be the same as the last year. Maybe we will see a chance for bitcoin price to start rise before that Chinese New Year so we can celebrate that New Year by selling some bitcoin to make a profit. We don't know what will happen in that New Year, but we can be ready for the coming, so from now on, we should make preparation, so we will see what will go in that day.

When looking at the chart I think Chinese New Year has no impact on bitcoin price movements. and in my opinion the Chinese will not sell part of their bitcoin to celebrate the Chinese New Year I'm sure they already have the funds to celebrate the Chinese New Year. I don't think big holidays like Christmas and Chinese New Year will have an impact on the price of bitcoin.

It is almost the same as Christmas and New Year's Eve. People love to spend at this time.
Chinese New Year though, it had been celebrated by a lot of countries specially in Asia who supports Chinese residents too and respect them.
This had been a tradition for most of the people.
Even though it will not be a worldwide event, Chinese are scattered all over the globe.

I think it could affect the bitcoin price just a little bit though.
Spending makes them withdraw to use fiat currencies.

To think bitcoin would surpass ATH on 2017 still very far. Bitcoin halving which will be happen on this year won't make price of bitcoin pump so high as you can see from history if almost all pump happened after bitcoin halving.

OP, bitcoin price didn't always increased on chinese new year, so you shouldn't worry about that

 I guess you could say that BTC price has surged by a bit after every Chinese new year, but then again it always drops back down meaning there really isn't much significance with regards to the long run. 2014 had on the contrary a drop, but we can assume that the number of traders then were on the low side, as such the result.
Imo, theres a lot more events that could influence the market than the Chinese New Year, and just like I said, its influence only holds a few days after the New Year, and that's that. Also, the war hasn't happened yet might I say, though it seems like the chances of it happening are high.

I do not pay much attention to the Chinese New Year for bitcoin movements, I think that there will be no impact on the price of bitcoin whether I am not paying attention to it or not, what is clear is that the price of bitcoin will not be affected by the Chinese New Year.
With the increase in bitcoin this might have become a market trend because it is time to arrive after all this time we have been waiting for this, by approaching halving I'm sure people will speculate about the rising bitcoin that continues to soar and will redeem high prices.

Welp, whatever the people chooses it's still good though but if they planned on holding it for a long term investment. They shouldn't get affected with this recent growth because it is still far from the reality if Bitcoin starting to get bullish. It may pass the ATH in 2017 since the Bitcoin halving is just getting closer.

Chinese new year have bad way for bitcoin back whit lower price, two weeks later for ready whit Chinese new year and you have sold your bitcoin before this day coming, believe me one time because bitcoin is not get positive respond whit higher price during Chinese new year, just keep save your bitcoin assets in USD after Chinese new year pass more than one week later.

You have a good analysis of the Chinese New Year, and I guess this year will not be different at all but if we get a drop because of the Chinese New Year event it will not create a big impact because there is a huge jump of the price before that event, and it seems that Iran scenario is helping the market to get up and it is still happening, so this is going to be interesting to watch, will the Chinese event pulls the price down or the IRAN events pull it up more.

Much is happening about the rise in bitcoin pumping, in particular, is coming halving, Iran and the USA are heating up and the price of bitcoin in Iran has been high, a lot of big pickles this year, and now it will reach Chinese New Year. Is that the reason? maybe it could be from one of the causes of the rise in the price of bitcoin at this time, and this is still slowly not significantly.

I dont think this Chinese New Year will affect the Bitcoin price, there is but probably a pump side. Chinese people are usually rich and they can afford to prepare holidays without cashing out their crypto assets. But instead of cashing out probably others are this is the buying point of Bitcoin for them. They will receive a red envelope and it has a monetary inside comes from their families and relatives, which is they can invest in bitcoin. As far as I know, the amount of the red envelope is 200 to 1,000 CNY for kids while 1,000 to 5,000 CNY for parents. So, I think this is too much to invest in Bitcoin this Chinese New Year.

For some people they would but if Chinese want to sell their bitcoin today because of the upcoming holiday, i don't think the price would boost just like this? There's some odd happening here that we don't know yet what exactly is the reason of this recent pump.

 I don't know if we are looking at the same charts but according to what I am looking at there is no major movements at all, all those "small drops" and increases are tiny movements and when you stretch it to days and weeks, there are of course bigger movements, there are bigger movements in almost all 2-3 month period of bitcoin as always.

 I feel like nothing major will come out of this year neither, or at least nothing major because of chinese new year, if we go up we go up, if we go down we go down, none of it will be because of chinese new year, they will all be things that will happen no matter if there was a new years there or not. However one thing is for sure that we started the year very well and I am hoping for it to become even better in the following weeks which will happen to cross chinese new year, so I am hoping for this year chinese people will buy crypto to each other lol.

I don't think also that people are going to spend their Bitcoin now, the fact that they are now going to hold it until the halving. Bitcoin halving is now getting closer and everyone are preparing for it so I don't think they are going to spend it.Exactly. Besides, they can use their fiat instead of using crypto especially Bitcoin. I am not seeing any reason to sell their coins at a cheap price just to celebrate the Chinese new year so I don't think that there will have a big impact of celebrating that event in the price of the Bitcoin and other coins in the market.

I don't think that many people would sell their crypto hodings and especially Bitcoin for clothes or food. If you would hold an investment would you liquidate a part of it to pay some festive expenses or would you use fiat instead?

Chinese Lunar new year is the largest festival in the world by volume. And it's not just limited to china. This festival also marks the end of festive seasons around the world. Bitcoin always had a struggling price in Dec and Jan until the Chinese new year. And after that it's generally a correcting market. The ingredients are right till now for a bull run in 2020.

It's only natural that most of the people who are going to celebrate the Chinese new year will sell their portfolio so they can celebrate the upcoming new year happily.

So let's brace our selves this coming Chinese new year and make a wise investment as there is a big possibility that the price will bounce back after the celebration. And I saw also that the upcoming world war 3 will surge the demand of crypto assets.

Only year 2014 has the year to date(ytd)  price when chinese new year is the bear price action, the rest are positive.

And I am curious about new year, some people said that Chinese New year is much important for Bitcoin compare to literal New Year.

I think, it's because chinese tradition and much asian are have some superstitious about Chinese new year.
But still, not all people in the world celebrating Chinese New year, so for me, the literal new year is much important for Bitcoin and for everything.

I don't think Chinese new year effects to Bitcoin price that much. On this occasion, people might need more money to prepare for the holiday but the percentage of Bitcoin user is very low and it doesn't require too much money.

We'll see it on that real time of event. There are lots of happenings or events that may affect the price. Chinese new year is most likely be affected by chinese investors. However, we all know that they are clever about it. If there are rise and fall of prices we are always ready about it.

after everyone is busy talking about the rise in bitcoin because of problems with America and Iran, now discussing the Chinese New Year, adding some FOMO to the forum, I don't see it as a trend where people should sell their bitcoins or buy it in Chinese New Year , it seems like it's just a coincidence, so in my opinion there is nothing interesting in the Chinese New Year, even prices will continue to run according to trends, it's interesting charts

The chart does not look like there is a certain pattern of the price of Bitcoin during Chinese New Year. I think there will be no significant effect of this occasion to the price of Bitcoin. The chinese are going to buy new furnitures, wares, and all but I don't think much of what they are going to spend is coming from Bitcoin.

On 25 January 2020 we will faced Chinese New Year. Chinese New Year is not only in the China or Asian, but also for people who have chinese tribe or his descent. So, its will impact to all regions. People usually buy a lot of things to prepared that big day such as new clothes, decoration, foods, traveling, and many more. So that people will sell his bitcoin to buy it. Although not all people doing that i think most of all will do.

I took some bitcoin chart on 2014-2019 when is on celebrate chinese new year.


*Note : Red point is Chinese New Year


If we look it, the price of bitcoin before Chinese new year will slowly drop by time to time until it's happened the day. But, after that the price will grow up and stable again. In 2014 the price get dropped after Chinese New Year is because in 2014 bitcoin get stolen around 744.000 by hacker. And other case in 2018 the price also drop, i think its because Facebook, Google, and Twitter prohibits to promoting online advertising cryptocurrency.

In my opinion the bitcoin price will only drop a bit or stable while facing Chinese New Year 2020. The impact of World War 3 is more influential than other things. All sector such as economic, politic, society, goverment, security can be changed. This can make a country's financial stability and money value unstable. And then bitcoin will be the best option to save their money from inflation or deflation. High demand from people who want bitcoin makes the price of bitcoin go up so that it can covering expenditure on Chinese New Year.

Thats my opinion about bitcoin price on Chinese New Year, how about you guys? Let's discuss it