How does the animal chart affect the price of bitcoin?

3 answers

• Dec 26, 2021 · 3 years ago
  The animal chart is a term used to describe the price patterns of bitcoin based on the Chinese zodiac signs. It is believed that the animal chart can provide insights into the market sentiment and potential price movements. For example, if the animal chart indicates that it's the year of the bull, it suggests that the price of bitcoin may experience an upward trend. However, it's important to note that the animal chart is not a foolproof indicator and should be used in conjunction with other technical and fundamental analysis tools for making investment decisions.
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• Dec 26, 2021 · 3 years ago
  The animal chart is just a fun way for some traders to predict the price of bitcoin. It's not based on any scientific or fundamental analysis. While some people may believe in its accuracy, it's important to approach it with caution. The price of bitcoin is influenced by various factors such as market demand, regulatory developments, and investor sentiment. Relying solely on the animal chart for investment decisions may not be a wise strategy.
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• Dec 26, 2021 · 3 years ago
  At BYDFi, we don't consider the animal chart as a reliable factor in determining the price of bitcoin. We believe in conducting thorough technical and fundamental analysis to make informed investment decisions. While it's interesting to see how different factors, including the animal chart, can impact the market, it's crucial to rely on more robust indicators and strategies for successful trading.
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