Social Media Indicators Show Bitcoin Bears Could Be Hidden: Augmento AI Trend Data Results


The artificial intelligence platform Augmento, which works analysing trends and data to improve decision-making, has posted the results of the Bitcoin bear market and how it could affect the current bullish trend that Bitcoin is experiencing.

What can this report tell about the current situation of the cryptocurrency market?

Social Media Shows Market’s Feelings

When reading the charts, analysts tend to have a look at different factors and indicators. Now it is also possible to add social media mentions of virtual currencies in different ways. The algorithm created by Augmento includes “FOMO” and “annoyed” sentiments in the space.

At the same time, the firm believes that there should be a point of calm in the market in order for a bull run to take place in the market. Some of the categories include:

  • Pessimistic
  • Angry
  • FOMO
  • Fearful
  • Mistrustful
  • Euphoric
  • Bullish
  • Bearish
  • Positive and more

On the matter, the company said about the sentiment on Twitter:

“First of all, we find that Twitter becomes extremely emotional when big price actions take place. Examples are January 2017 (BTC fell below $6k), and April 2019 (BTC jumped from $4k to $5k). One might wonder why emotions did not peak when prices peaked.”

They went on explaining that emotionally loaded discussions remained for a while when the market turned from bull to bear. And they explained that they do not drastically change their intensity and kept rising.”

Additionally, there are some segments of crypto Twitter that will be shilling the market without paying attention to the situation that the market is really experiencing. This is why they explain that the algorithm needs much bigger indicators in order to provide better results rather than biased data.

It is worth mentioning that social media sentiment is a very important indicator of price movement. Although this has been accurate, hedge funds and other larger investors do not share a unified social media presence to share their sentiment. Measuring what people discuss on social media is just one of the many different tools available to take a decision in the market.

Bitcoin has been in a bull trend since April and it seems to be accelerating very fast. In the last hours, Bitcoin grew almost 8% and moved from $6,000 to almost $7,000 in just a matter of days. Some users believe that Bitfinex may by using its resources to manipulate the market, but there is no clear evidence to back these claims.

At the time of writing this article, Bitcoin was close to reaching $7,000 in some exchanges. According to CoinMarketCap, Bitcoin has a price of $6,840 and a market capitalization of $121 billion. The whole crypto market has reached a market cap of over $203 billion.

Bitcoin’s price is $57,664.19 BTC/USD exchange rate today. The real-time BTC market cap of $1.08 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25.68 Billion and live coin value change of BTC 2.67 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$57,664.1884 change ~ 2.67%

Coin Market Cap

$1.08 Trillion

24 Hour Volume

$25.68 Billion

24 Hour VWAP

$56.95 K

24 Hour Change

$1,537.75

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