Bitcoin Related Tweets Hit their Lowest Level in 5 Years as Crypto Twitter Bear Market Blues Surface
Bear market according to experts is in its last stages as Bitcoin goes through accumulation phase. This phase, however, is expected to persist in the market for the next few months.
In the meantime, Bitcoin-related tweets are going downwards, per the data provided by Bitinfocharts. Since hitting the peak in December 2017 at the 155k tweet in a day just like its price at $20k, it has been constantly on the downtrend. Starting in 2019, the tweets have been staying below 20k for the most part. A huge spike to 31k has been seen on April 2nd when Bitcoin price shoots up to over $5k from about $4,100 in an hour. However, today it has taken a serious drop hitting 3.2k on April 29 from 17k.
In 2014, Bitcoin-related tweets oscillated around 20k, moving to above 30k towards the end of the year. In 2015, it remained above $20k and then $30k with a few spurts to as high as 70k and 80k.
“The world (outside Crypto Twitter) isn't paying attention to Bitcoin,”
says Kevin Rooke, a bitcoin enthusiast who share bits of information about Bitcoin network. Well, this is one way of seeing things but there is also another side to this as Melik Manukyan, a network engineer says the fact that network is growing while hash rate and liquidity is up can also mean,
“Bitcoin is no longer a niche thing and is growing larger than any one social network or website.”
Crypto Winter is Over, Bitcoin Bulls to Come
Meanwhile, on the price front, the leading cryptocurrency is trading at $5,305 with 24-hours gains of 0.52 percent, at press time, as per Coinmarketcap data.
After going above $5k early this month, BTC has managed to stay above this level while hitting its 5 months high at $5,600. Price, however, took a hit last week, coming below $5,200 and now is back to make its way upwards but at a slow pace.
According to Bitcoin bull Tom Lee, we are moving into a bull market as he said,
“Last year was a terrible year for crypto, a massive bear market, and we published a piece this week just highlighting … 11 signs that historically only take place in a bull market. So I think the evidence is mounting that there’s a bull market.”
Among these technical indicators, trading volumes, and blockchain factors, the first sign came when trading volumes turned positive year over year in January which was driven by turmoil in Venezuela and Turkey.
Moving further, Bitcoin closed above its 200-day moving average and over-the-counter brokers saw a surge in institutional investors trading crypto. Shrinking supply, the consensus among “original” BTC bulls that bottom is in, a positive swing in Fundsrat’s Bitcoin Misery Index, and the recent golden cross printed by Bitcoin contributed to Lee calling out that crypto winter is over.