{"id":405499,"date":"2019-11-26T18:00:35","date_gmt":"2019-11-26T18:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=405499"},"modified":"2024-06-11T13:34:31","modified_gmt":"2024-06-11T13:34:31","slug":"bitcoin-price-may-be-ready-to-rally-according-to-social-media-metric","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-may-be-ready-to-rally-according-to-social-media-metric\/","title":{"rendered":"Bitcoin Price May Be Ready To Rally According To Social Media Metric"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, Bitcoin price may be ready to rally once again, according to a social media metric that hasn\u2019t spiked this strongly since the day the China crypto pump began.<\/span><\/p>\n<h2>Bitcoin Could Pump As Sentiment Returns To Social Media<\/h2>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/11\/22\/crypto-market-carnage-altcoins-a-sea-of-red-as-bitcoin-breaks-down\/\">Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to data from digital asset data provider <a href=\"https:\/\/thetie.io\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">The TIE<\/a>, tweet-sentiment \u2013 or the amount of Bitcoin-related Twitter activity on the social media platform \u2013 has reached the highest level its been since the China pump.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Data from <a href=\"https:\/\/twitter.com\/TheTieIO?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@TheTIEIO<\/a> shows that bitcoin tweet-sentiment is the highest it&#39;s been since the Xi Blockchain announcement. <a href=\"https:\/\/t.co\/bAZdE2RWfg\" rel=\"nofollow\">pic.twitter.com\/bAZdE2RWfg<\/a><\/p>\n<p>&mdash; Mati (@MatiGreenspan) <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/42107904?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">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<a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\"> Bitcoin price<\/a> has been in a downtrend that has only increased in speed and ferocity as the price drops further.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<h2>Why Does Bitcoin Pump When Twitter Chatter Increases?<\/h2>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <\/strong><a href=\"https:\/\/wncen.com\/2019\/11\/25\/dollar-cost-average-even-bitcoin-investors-using-this-strategy-may-soon-be-at-a-loss\/\"><strong>Dollar Cost Average: Even Bitcoin Investors Using This Strategy May Soon Be At A Loss<\/strong> <\/a><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019t 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\u00a0 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 \u2013 or the amount of Bitcoin-related Twitter activity on the social media platform \u2013 has reached the highest level its been since the China pump. Data from @TheTIEIO shows that bitcoin tweet-sentiment is the highest it&#39;s been since the Xi Blockchain announcement. pic.twitter.com\/bAZdE2RWfg &mdash; 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. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":405501,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,1310,6664,3901,4257],"class_list":["post-405499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-china","tag-crypto","tag-social-media","tag-twitter"],"acf":[],"yoast_head":"\n<title>Bitcoin Price May Be Ready To Rally According To Social Media Metric<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-may-be-ready-to-rally-according-to-social-media-metric\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price May Be Ready To Rally According To Social Media Metric\" \/>\n<meta property=\"og:description\" content=\"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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-may-be-ready-to-rally-according-to-social-media-metric\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-26T18:00:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:34:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/bitcoin-crypto-social-media-twitter-shutterstock_1417710452.jpg?fit=6000%2C4000\" \/>\n\t<meta property=\"og:image:width\" content=\"6000\" \/>\n\t<meta property=\"og:image:height\" content=\"4000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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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\u2019s 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. 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