Could the lunar new year be bringing btc down

mrbnson

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Quote from: Kemarit on February 16, 2018, 06:29:20 PM

Quote from: mrbnson on February 16, 2018, 06:22:59 PM

I don't buy in to the whole Chinese Lunar New Year correlation that supposedly happens every year, it's a big holiday but I don't see how it would have such a huge effect on the market. There are definitely other things at play and Chinese Lunar New Year is just something to be used to sell the story to the less educated persons in the market.

I think it has something to do with the Chinese wanting to go back to crypto because everyone needs to recover what they have spent during the Chinese New Year. We all know that the Chinese celebrated their New Year with a bang (literally) so they spend a lot of money and now its time to bounce back after the celebration and crypto is one investment platform that they really want to go. However, there are factors that can really change the tide in our favor this February and bring the investors confidence to pour their cash into the market. Let's see and observe after the Chinese New Year, currently the price is fluctuating between $10,000-$10,500 if I'm not mistaken, so its a good sign that we are moving in a positive direction.

I understand the reasoning behind it, both money flowing back to the market and new money from investors looking to profit. I just don't believe it's going to have a really significant effect on the market.

spadormie

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This is a great prediction. Last month, bitcoin was holding onto 12k-15k position. Now it is hanging onto 10k position. We should've listened to this lol. I've saw this topic last month, but I let my guard down and hodl bitcoin. It is so sad that bitcoin went down at that time. Should've sold my btc ASAP that time.

millsii3

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Quote from: reee on February 16, 2018, 04:43:02 PM

Totally.

People are travelling, people are buying gifts for Christmas.

It makes perfect sense to me, no suprises.

Next year I'll plan accordingly, maybe even move to China to better understand the culture.

message me please, your settings wont allow it.

yonjitsu

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I think the event turn bitcoin's market cap and price the other way around. Reaching to 10,000$ once again is a pure manifestation that bitcoin is rising back again.

Kemarit

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Quote from: mrbnson on February 16, 2018, 06:22:59 PM

I don't buy in to the whole Chinese Lunar New Year correlation that supposedly happens every year, it's a big holiday but I don't see how it would have such a huge effect on the market. There are definitely other things at play and Chinese Lunar New Year is just something to be used to sell the story to the less educated persons in the market.

I think it has something to do with the Chinese wanting to go back to crypto because everyone needs to recover what they have spent during the Chinese New Year. We all know that the Chinese celebrated their New Year with a bang (literally) so they spend a lot of money and now its time to bounce back after the celebration and crypto is one investment platform that they really want to go. However, there are factors that can really change the tide in our favor this February and bring the investors confidence to pour their cash into the market. Let's see and observe after the Chinese New Year, currently the price is fluctuating between $10,000-$10,500 if I'm not mistaken, so its a good sign that we are moving in a positive direction.

mrbnson

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Activity: 182

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X-Block.io

I don't buy in to the whole Chinese Lunar New Year correlation that supposedly happens every year, it's a big holiday but I don't see how it would have such a huge effect on the market. There are definitely other things at play and Chinese Lunar New Year is just something to be used to sell the story to the less educated persons in the market.

Rozita

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I don't think so.
Chinese new year is same as Christmas and it doesn't affect the market. The total market cap is very high and can affected by some people who sell their coins to buy something.
The market is always volatile and rises and falls are inevitable and there is no relation between these fluctuations and Chinese new year.

reee

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Totally.

People are travelling, people are buying gifts for Christmas.

It makes perfect sense to me, no suprises.

Next year I'll plan accordingly, maybe even move to China to better understand the culture.

dothebeats

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Cashback 15%

The Chinese already had their fill, together with the other traders so I bet it's highly unlikely for the market to shift momentum that fast. The previous crash of $19000 to $5900 was due to the fact that people overhyped and overbought shit coins; the money made on those coins then transferred ro crypto, until everything went immensely overbought that the market has no other option but to burst. Also, notice how the price behaved in weeks after the crash? Usually in these scenarios, smart traders are already accumulating their bags behind the scenes, and notice how Jamie Dimon announced everything after a month of distress in the crypto market? It means that they already have a good position, and are just making a buzz for other people to buy in too. The rise had nothing to do with the lunar new year; it just so happened that several positive news are planned to be announced on the same date (or near the date) of the lunar new year.

BrewMaster

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Quote from: Walrus1 on February 16, 2018, 09:16:06 AM

Well it's strange as the lunar new year starts today in china.

like everything else in speculation, the result of it happens as soon as the news comes out. this means a month ago when everyone was talking about how New Lunar Year is going to drop the price, that is when the price dropped.
as another example for opposite behavior you can look at halving. there has been 2 of them and each time price rise started 1-2 months before the actual block height where halving took place.

pereira4

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Judging by the past performance of bitcoin price analysts, you may get a better accuracy rate by following lunar cycles. I wouldn't count on it tho, it looks like we are recovering. $5900 could be the low of the year. We are making a very healthy progress compared to the $20k bullrun which was getting out of hand. Notice how we are making smaller dips to consolidate the price. We broke $10k, we went below it again for some hours, and now we are above again. This is a great sign. This is how good growth happens, not uncontrolled clusterfuck bubble mode as we saw last time.

Walrus1

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Well it's strange as the lunar new year starts today in china.

Wheelige

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Do good things

And look at TRON today. Some how after the money has started to pour in the new coins on the block are gathering the most attention. I don't like tron and am not involved with it, but it seems a number of people are and still like it even after it dumped on their heads.

chiggz

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Quote from: Walrus1 on January 16, 2018, 11:51:48 AM

https://www.google.com/amp/s/www.inverse.com/amp/article/40218-bitcoin-ethereum-ripple-others-crashing

Found this article it mentions regulation and the lunar new year for the crypto blood bath

The market is crashing because it was artificially and massively inflated by shit like TRON and Dentacoin pump and dumps and 24-hour 100% returns on everything else. No one wants to hear the truth that the market place was overpriced like hell. Though the fake news spreading creates a bit of panic selling I don't think this time it It has anything to do News and the Lunar New Year. But everyone wants something or someone to blame for their own poor decision-making skills, gullibility, and frailty when they sell at a loss. This creates a moronic continual downwards trend until the bulls can finally push the market the other way or back to more of a sideways move.

gabmen

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Quote from: Walrus1 on January 16, 2018, 11:51:48 AM

https://www.google.com/amp/s/www.inverse.com/amp/article/40218-bitcoin-ethereum-ripple-others-crashing

Found this article it mentions regulation and the lunar new year for the crypto blood bath

Probably the same during holiday season in the last week of december. People will be taking out profits to spend and weak hands panicking with a little decline. It's happened every january ever since i started with btc

Walrus1

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https://www.google.com/amp/s/www.inverse.com/amp/article/40218-bitcoin-ethereum-ripple-others-crashing

Found this article it mentions regulation and the lunar new year for the crypto blood bath

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