Bitcoin Preparing for a Fall? Twitter Mentions Hit an All-Time Low
- “Retail is not in this market, it's still an early bull mkt,” – Tuur Demeester
The retail interest in Bitcoin has been low, but now it has plunged to never seen levels.
Twitter mentions that have been considered a weighting tool to determine retail investors in Bitcoin has hit an all-time low level.
According to Bitinfocharts, Bitcoin Tweets hit 6.37k on Oct. 5, the lowest point in Bitcoin’s history. Before this, the lowest record was set at 7.3k on January 4, 2015, while the all-time high was at the peak of the bull run on December 7, 2017, at 155.6k Bitcoin mentions on Twitter.
“Retail is _not_ in this market, it's still an early bull mkt,” wrote Tuur Demeester, Founding Partner Adamant Capital, about this drop on Twitter.
But could this mean the price is going to take another drop?
Back in May, this year, a paper was published by the Southern Methodist University that found that the volume of tweets and Google Search Volume Index (SVI) were the leading price indicators for BTC.
Given the fact that the number of tweets and Google searches changes before prices do, we might be in for another fall in BTC price.
Currently, the world’s leading cryptocurrency is trading at $8,076 with 24 hours loss of 0.80%, as per Coincodex.
The trend for the search term “Bitcoin” has also taken a slide since seeing a spike in late Sept. Since registering a significant spike in late June when the price hit $13,900 the highest level of 2019, the trend has been declining.
As for the search term “BTC” — that surpassed “Bitcoin,” it saw a sudden hike in late August but continued falling throughout September and is now back below “Bitcoin.”
Despite this and BTC seeing a drop of 42% since hitting 2019 high, it is the best performing asset of 2019.
Not gold (up 17% in 2019), not stocks (S&P 500 up 21%), and the 10-year US Treasury bond yield is not even close (but is close to historic lows at 1.6%), Bitcoin rule them all when it comes it returns.
And it’s going even higher.
Recently, Germany’s state-owned bank BayernLB predicted BTC price to be $90k next year, cryptocurrency skeptics have been turning into a Bitcoin bull and John McAfee reiterated his $1 million call for BTC.