Bitcoin Researcher Analyzes Crypto Twitter Mentions, Predicts Bearish BTC Future Based on Drop
Blockchain and crypto have been largely compared to the dot com bubble era, even though others think it’s incomparable.
This notion has led industry stakeholders to believe that cryptocurrencies such as Bitcoin are ground-breaking, and therefore are inclined to using barely trustworthy market indexes in determining the performance of cryptocurrencies.
This notion was reaffirmed last Sunday, as a researcher applied statistics off a social media based study to propose crypto market outcomes.
Bitcoin In The Social Media Space
Since it’s genesis, Bitcoin’s proponents seemed to have come together on Twitter in their thousands. This brings to light that Bitcoin is no newcomer to social media platforms including Instagram, Facebook, Reddit etc
Some would say that crypto’s chumminess in the digital space, is certainly not by chance. Twitters’ Jack Dorsey, on a recent podcast by Joe Rogan, reaffirms this by saying that it’s inevitable, as cryptocurrencies are internet-based, and are fated to be born, exist and be developed in the same space.
Unavoidably, crypto research and its’ researchers have been inclined to obtain data from the various social media platforms, in a bid to predict the performance of cryptocurrencies.
Social Media Based Crypto Research
The use of social media indexes to predict crypto behavior can be regarded as uncommon, and possibly ludicrous if applied to the US stock markets. Meanwhile, some think that as regards these emerging markets, social media indexes may not be such a bad idea regardless of its’ sentimental nature.
Murad Mahmudovs’ Speculations
A graduate of Princeton University, hedge fund aspirant, and crypto advocate Murad Mahmudov analyzed data obtained from Bitinfo as regards tweets relating to Bitcoin to reveal the ongoing trends.
Mahmudov’s analysis concludes that crypto related tweets have reached the levels they once were in 2014, which is beneath any 2016 levels. He also stated that it would seem that “nothing has changed”, and added that it is an
“absolute disaster for the price in the medium-term.”
In his words, there are
“far fewer people who care about decentralized, sovereign, uninflatable currency”
then it appears, and the spike of 2017 did not have much of an effect on the crypto population.
Sadly, he also stated that all but 1% of the world's population cares about the existence and use of Bitcoin. In his opinion, its function to most is nothing but a speculative asset. Mahmudov also emphasizes that even it functions as a speculative asset continues to plummet, and this depreciation is likely due to its current bearish market and high-risk nature.
Mahmudov’s prediction is that all cryptos are still likely to fall, as investors are patiently waiting to buy at the bottom.
Journey To $1,700
These deductions arrived just a few days after his disturbing price prediction for Bitcoin. He suggests that Bitcoin will find stability at about $2,400. This was reached by long term analysis of its trends, and technical markets like the moving averages ( 200, 300 and 400 MA).
He also added that Bitcoin may eventually get to $1,700
“due to past patterns and how particularly overstretched the 2017 bubble was.”
Speaking recently on a podcast by Tony Vays, he emphasized his $1,700 speculation, adding that he thinks that cryptos such as Ethereum are currently over-valued.
Regardless of his prophecies of doom, Mahmudov who is a long term crypto advocate is of the opinion that he won’t let go of his Bitcoin assets for at least 10 years, as the leading cryptocurrency has long term bullish potential.