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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price May Be Ready To Rally According To Social Media Metric

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin price social media twitter

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Bitcoin price has been steadily falling for weeks now, ever since the crypto asset experienced its third-largest one-day surge in its short history on the heels of news that China would be supporting the blockchain technology that the crypto asset is built on.

However, Bitcoin price may be ready to rally once again, according to a social media metric that hasn’t spiked this strongly since the day the China crypto pump began.

Bitcoin Could Pump As Sentiment Returns To Social Media

There are a number of factors analysts will look at to determine the interest level in an asset, traditional or digital. Fundamentals are among the first and most important factors to look at, followed by price charts for technical analysis.

Related Reading | Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down 

Sentiment, is yet another important factor, representing the emotional state of investors. Sentiment can be difficult to accurately measure, but through the advent of social media, data can be derived from the chatter occurring in cyberspace that can help determine the level of sentiment in an asset.

According to data from digital asset data provider The TIE, tweet-sentiment – or the amount of Bitcoin-related Twitter activity on the social media platform – has reached the highest level its been since the China pump.

Data from @TheTIEIO shows that bitcoin tweet-sentiment is the highest it's been since the Xi Blockchain announcement. pic.twitter.com/bAZdE2RWfg

— Mati (@MatiGreenspan) November 26, 2019

Back towards the end of October, Bitcoin price had a historic rally, surging from $7,300 to as much as $10,500 in less than 48 hours. But the massive rally was nothing more than a bearish retest of former support turned resistance, and Bitcoin price has been in a downtrend that has only increased in speed and ferocity as the price drops further.

But with the tweet sentiment metric spiking once again, Bitcoin price could see another strong rally if price follows sentiment just like it did following the Xi Jinping news. However, given the first every cryptocurrency falling to extreme lows in recent days, the increased chatter may be negative and therefore bearish.

Why Does Bitcoin Pump When Twitter Chatter Increases?

One theory for why price tends to spike as Twitter sentiment and chatter picks up, could be due to bots programmed to scan for news and general sentiment on social media. As this metric ramps up, bots could pick up on the hype and buzz, and it could cause an increase in buy orders as a response.

Related Reading | Dollar Cost Average: Even Bitcoin Investors Using This Strategy May Soon Be At A Loss

Or of course, the sentiment itself and additional chatter could drive increased interest in Bitcoin and other cryptocurrencies, causing the price to rise. Markets are driven by so many factors, and sentiment is among the most important ones.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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