You got it right mate you just miss one event and that is the Facebook ad ban. It also contribute to the blood bath in altcoins. My projection is it go down up to 4000 level at the first week of march. With this kind of bad news really hurt the cryptomarket and We cannot blame those to wants to exit. It's normal reaction but I think with that level We can average down and the profit will follow.
Bitcoin going down to $4,000 is a bit of an overkill I think the lowest we could go down is at least $6,000 or $7,000 but then again these kind of amount are possible for bitcoin to reach with the current price. I really do hope this is the lowest price bitcoin could go for so people would stop spreading fud and hate on bitcoin.
In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?
India banning crypto, I agree that kind of news gave an influence to the price. I don't agree with the Chinese New Year i've heard a different user saying that bitcoin's price could go down during Valentine's day. We can't be sure about that because the price of bitcoin last year between those days didn't went down but I could be wrong since bitcoin is unpredictable.