The top cryptocurrency slipped to the negative territory on Thursday (Jan 23) as daily traders took profits from the recent brief surge. Bitcoin is now trading at the $8,350 zone after a nauseating plunge from yesterday’s $8,780 price.
With the Chinese New Year just around the corner, a troubling question rears its ugly head: is there more pain to come for bitcoin?
As the Chinese New Year draws closer, experts are looking for clues as to how bitcoin price is likely to behave. This year’s event will commence on Saturday, Jan 25. In the run-up to this event, BitMEX CEO Arthur Hayes expects BTC to drop further.
In a recent tweet, Hayes noted that both BTC volume and volatility will be plummetting hard in the next couple of days.
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