I've heard so many times about the effect of Chinese New Year on crypto market. The thesis is chinese new year may cause a periodical market anomaly every year.
It is well known that in stock markets may occour periodically at the same dates of the year like holiday effects etc.
Do you think it can be also a factor for crypto market and bitcoin price?
No. Fundamentally, why would it affect the price? The narration that people sold during holidays like this (Christmas, CNY, etc) is ridiculous in my opinion. So yeah I see no reason how holidays like these could affect the market. Another great point is that Bitcoin exchanges are open 24/7, unlike the regular stock market which does have offline/holiday.
As the Chinese new year is nearly approaching, it's always very exciting as we waited for that event to happen. Right now it was really a very momentous year in which every Chinese investors put on their luck in different aspects of investments. Let's expect minor dumps to be seen in the next few days, and then goes higher after the celebration.
I'm not Chinese but really? Do they "put on their luck" during CNY?