Time for Bitcoin volatility and volumes to nose dive.
Bitcoin Price Prediction: Will Chinese New Year and US Tax Season Make BTC Plummet?
Others , however, simply believe that Chinese New Year is a red herring, and that the frequent January dump in Bitcoin's price is an example of a self-fulfilling prophecy. Since Bitcoin has dumped for the last five years in a row, traders looking for trends in the market might be tempted to believe this year will be no different, leading to an early sell-off in order to protect against further losses.
However, this sell-off could actually be the cause of a broader dump that sends Bitcoin prices tumbling. Nothing special. On the other hand, CoinGecko Co-founder Bobby Ong believes that this year's relatively muted activity in the run up to Chinese New Year can be attributed to the recent coronavirus scare in Wuhan, China.
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One may argue that Bitcoin moves up towards the Chinese New Year period as Chinese traders created a feel good feeling before taking profit and closing off the accounts for a week for the festivities," said Bobby, "That being said, celebrations are muted this year as China is currently battling the coronavirus in Wuhan and many people are scared of the effect of this fast-spreading virus. This uncertainty hasn't stopped several platforms taking the interest surrounding the relationship between Chinese New Year and Bitcoin price action and running with it.
Here is how the upcoming Chinese New Year could impact Bitcoin price
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By Daniel Phillips 4 min read. When is Chinese New Year? Population Size. TLDR: Coins are digital currency that can be used to pay for goods and services.
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