Analyst says Bitcoin price sell-off may occur as Chinese New Year approaches

On Jan. 29 (BTC) price briefly rallied to $38,500 before retracing the move and spending the majority of the day struggling to reclaim $35,000.

The wild breakout in Bitcoin price has partially been attributed to Elon Musk changing his Twitter profile to simply “#Bitcoin,” which Musk subsequently followed up with a cryptic tweet saying “In retrospect, it was inevitable.”

Daily cryptocurrency market performance. Source: Coin360
Bitcoin miner’s outflow. Source: CryptoQuant
daily chart. Source: Coin360