Analysis

BTC Twitter Engagement Drops to Two-Year Lows: Report

Published

3 weeks ago

November 21, 2019

In the wake of the news that Bitcoin lost support below $8,000, we can also see that BTC Twitter engagement drops to two year lows. As an integral part of the crypto scene, Twitter is a good indicator of the (changing) sentiment about cryptocurrencies. The latest Bitcoin news are signaling that there is a decrease in interest for Bitcoin (and possibly other cryptocurrencies) by users on Twitter.

Often gauged from Bitcoin analysts and industry insiders who spend their time on the social network, the BTC Twitter engagement is an obvious sign of interest for the cryptocurrency as a whole. In the latest news, we can see that this sentiment has declined back to levels as low as those seen two years ago.

The irony is that a lot of what is going on in the crypto industry revolves around postings on a centralized social media platform. This is testament to the immaturity of the scene in the tribalism and everything else that is still rife on the platform. The bottom line, however, is that the growth of Bitcoin was monumental but now the interest on social networks is dropping.

According to reports by Skew Markets, the BTC Twitter engagement has fallen to lows not seen for two years.

Looks like the bottom is in for the Twitter counts – hodling the fort! pic.twitter.com/pbLP3Hzusv— skew (@skewdotcom) November 20, 2019

This obviously may not be the case for other cryptocurrency assets but Bitcoin at least appears to have fallen out of taste on the social media platform. The peak on Twitter also came when the BTC price was at a peak during late 2017 and early 2018 – when the daily tweets for BTC topped 150,000. Today, they are only below the 20,000 level as the charts by Skew Markets show.

This could be that the space has evolved beyond Twitter which would be a good thing since the entire scene is a bit of a circus. However, we can also tell that the intrusive advertising, unfettered spam and a lot of “trash posts” result in the drop of the BTC Twitter engagement.

Just like Facebook, Twitter also controls what people see in their streams. The fact that Bitcoin is falling to new lows also accounts for the lack of interest, along with the miner capitulation and market manipulation reports which are driving traders outside of social media.

Lot of FUD about miner capitulation. Fact is that 6 months before 2012 halving we were above difficulty model value, in 2016 below, and now spot on. Also, I am looking at +2% difficulty adjustment next Thursday. Cheer up! 🚀https://t.co/zMdxlteR6Z pic.twitter.com/8OcuVYp70l— PlanB (@100trillionUSD) November 19, 2019

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Analysis

Bitcoin On A Faint Note This Monday Towards $8K: Analysis

Published

1 day ago

December 9, 2019

Stefan

Bitcoin on a faint note today as the market showed a lack of sense of direction due to low volatility as we are reading more in the latest bitcoin news today.The benchmark cryptocurrency was trading at around $7,575 after rising up by 0.8 percent since the market opened. The move upside led the asset to get its net month-to-date gains up by 0.4 percent. It further revealed that the traders fear to make big moves after Bitcoin established the seven-month low in November which was followed by an alarming pump and dump behavior on spot exchanges in the starting week of December.The situation brought bitcoin to get closer to the possibility of undergoing further breakdowns and the price even rejected advances above the $14,000 level which was settled earlier this year. Bitcoin is now under by more than 50 percent and continues to make fresh declines in the descending channel, therefore, Bitcoin on Monday, opened with a faint note. The cryptocurrency near-term rallies met rejection close to the upper trendline of the Channel, the price tested the levels between $13,500 and $12,000 since July but didn’t transform the upsides into the full-fledged breakouts. In the meantime, it kept on establishing new lows towards the $6,526 indicating that the traders have not found a strong bitcoin accumulation area yet.In the charts, we can see that the price is struggling to register fresh gains which earlier served as support to Bitcoin’s bounce-back attempts. Over the past ten days, Bitcoin is in fluctuation mode inside what seems to be a Symmetrical triangle. The two converging trendlines create a string of peaks and troughs moving forward a similar slope. The height of the triangle is also close to $800 which means that its breakout will result in a price move of about the same proportions in either direction.With the volumes going down and bitcoin gets close to the apex of the triangle, there is a strong likelihood of a further breakout in the direction of the previous trends. This move could crash bitcoin towards the $6,000 area. the initial short position towards the $6,500 level from around the current market price looks decent and maintaining a stop-loss order above the triangle is standing above $7,570.

Analysis

New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst

Published

3 days ago

December 8, 2019

Stefan

Ever since Bitcoin (BTC) tapped $6,500 in late November, we could see that analysts were wondering if the bottom is really in. In the latest Bitcoin news, we can see that the leading cryptocurrency managed to post a new jump for BTC by 20% from $6,500 and hit $7,850 just a week after that.At press time, BTC is trading at $7,500 and is seemingly trying to establish a market trend for the coming week. Even though some say that Bitcoin is unable to move past the resistance in the high $7,000 area and is decisively bearish, one analyst thinks that the odds are leaning in favor of bulls.The popular trader Mr. Chief (also known as Halo Crypto) recently said that there could be a new jump for BTC and that the ball is finally entering the playground of the bulls. He also noted that the inverse chart of Bitcoin shows that the cryptocurrency has broken below (above) a key - a trend line which has been in place for over six weeks. The asset is right now situated in a descending channel which implies a potential move to $8,500.A move to $8,500 would mark a 15% rally from the current price levels.https://twitter.com/HaloCrypto/status/1203144682177548288However, it is not only halo that is expecting a new big jump for BTC. According to previous reports by Willy Woo who is a popular on-chain metrics analyst, a proprietary indicator lets him believe that bulls will soon gain the upper hand again.

“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.

There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.

Analysis

Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000

Published

6 days ago

December 5, 2019

Stefan

Bloomberg analysts expect that bitcoin’s price will surpass the $10,000 price range despite its low levels of $7,400 and $6,600 as previously reported Bitcoin price news.Bitcoin had a struggling second half of 2019, dropping from a year-to-date high of $14,000 in June to $7,400 as the Bitcoin buyers filed to step in amid the selling pressure seemingly catalyzed by the Chinese regulation of digital assets as the operators of multi-billion dollar Bitcoin scam selling the coins. Despite the price backdrop, Bloomberg analysts including Mike McGlone of the business media giant’s intelligence unit believe that Bitcoin has a strong positive outlook heading to the 2020 and the next decade as well because of many factors.This confluence of factors McGlone explained that will bring the cryptocurrency back into the five-digit range in the close future which will be a welcoming surprise for many investors in the industry who began thinking that bitcoin has reentered a ‘’crypto winter’’ state again. Bloomberg’s McGlone believes that the bullish case for the Bitcoin price is in the forming as long as the key support of $6,500 holds in the near future. The analyst said that it is ‘’only a matter of time’’ before Bitcoin breaks the key resistance of $10,000.The analyst first explained that as gold rallies, bitcoin will too. While the precious metal is right now trending lower after it peaked last summer in the middle of the trade war talks, the macro picture for the gold is looking favorable heading into 2020 with a slight recession restart of the trade war due to the latest Chinese regulations.Second, McGlone explained that a perfect storm will be building for the cryptocurrency in terms of the basic premises which are mass adoption and fixed supply cap. He said:

“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.

He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.

Analysis

Bitcoin Faced The Largest Price Drop Of 2019 Despite Slight Increase

Published

2 weeks ago

November 29, 2019

Stefan

Bitcoin faced the largest price drop of the year and it seems that the cryptocurrency is set to end the month on a negative note. Closing below the $8,300 looks like a decent prediction so let’s see further in the bitcoin price news below.The hourly chart continues to urge a move higher to the $7,800 and $8,200 but a bullish reversal could be confirmed on the three-day charts if the prices close above the $7,280 today. The acceptance below the $6,515 could invalidate the bullish hammer candle that is seen on the three-day chart and invite the strong selling pressure. Bitcoin faced the largest monthly loss of 2019 despite the recent recovery from the six-month low.Right now, the number one cryptocurrency is priced at $7,530 on Bitstamp which represents a 17.6 percent loss from the start of the month when the price was standing at $9.586. The percentage drop could have been more than 30 percent if the prices stayed at the six-month low of $6,515. Bitcoin suffered a bigger monthly loss in November last year and the prices dropped by 27 percent, reviving the sell-off from the record high of $20,000 that was reached in 2017 in December. The cryptocurrency went on to hit a new low of $3,122 in December 2018.Bitcoin was expected to pose good gains in November with the miners’ reward halving coming in May 2020. The cryptocurrency picked up slightly six months ahead of the supply-cutting event. The run-up period has started with a heavy price drop because of the miners who started selling off their bitcoin as noted by popular analyst Willy Woo. Bitcoin plunged from $13,000 to $7,500 in the third quarter and then the price took its toll on the miners’ profitability.Looking forward, Bitcoin could suffer a deeper drop in December if the prices end the current month below $8,300 as Woo predicts. The monthly close above $8,300 looks unlikely and that said, the price could increase to $8,000 before Saturday closes as short-term technical and bullish signals occur. Bitcoin bounced back from the former resistance-turned-support of the inverse head and shoulder pattern at $7,360 reinforcing the bulls.