Happy Chinese New Year everyone ! It starts in a few days so be aware of pullbacks that might happen. Now here we see our 1 day Bitcoin chart from Bitstamp . Of course Bitcoin recently touched 47k ! And many think the upside will continue at some point . But remember , Chinese New Year , also known as Lunar New Year is a MASSIVE time in China when all people , including traders will take time off to travel and visit their families . That means a lot of trading will halt. Or traders will sell and come out of positions for a little while . Meaning we could see some big pullbacks happening in Bitcoin. This is not unusual and Bitcoin is still bullish this year . But be aware that there can be a pullback in a few days when Chinese New Year starts. It starts on February 12th where you see that red symbol on my chart . And the New Year celebrations can go on for a couple of weeks . This isn't guaranteed , again, but please be aware of these things . Also extra credit to anyone in the comments who knows what animal represents the new year coming from Chinese zodiac ! ( Also , it would be nice to see Bitcoin get to 52k before this pullback , if it happens ! I'll link a recent chart below for that . )
Yes but there will not be much traveling to hometowns and families for new year celebration this year. Most cities have restrictions on visitations and traditional new year travel and socialising. So people will stay at home. You may be right so let's see what plays out this year.