So historically bitcoin price tanks around Chinese New Year, starting around 23 days before the event.
" historically "
you forgot that the Chinese government do campaigns against bitcoin
Chinese New Year 2019 is February 5th, which means we are in the middle of the 23-day-period approaching the big bang.
China no longer has much influence on the price
What do you think? Do you believe in the Chinese-New-Year-Theory? Think we have bottomed yet price-wise or will it go down further?
Like i said: " China no longer has much influence on the price "
we have to stop looking for reasons to justify the price drop, there is no demand, governments are more skeptical about bitcoin, in countries where regulations exist these regulations are not very advantageous for bitcoin, if months pass and we do not hear news like: "country X has legalized bitcoin and their people can use bitcoin as a means of payment." if people are not using bitcoin as a means of payment, then they are just using it to: " buy and sell at the exchanges "
lots of people only just use bitcoin to trade