Although many compare crypto and blockchain to the early stages of the Dotcom Bubble, some believe that it is much more than that. This simple belief that cryptocurrencies, like Bitcoin, are paradigm-shifting has led industry insiders to enlist the use of\u00a0exotic, yet often eerily accurate indicators to forecast what’s to come for this budding space. On Sunday, this theme was only cemented, as a leading researcher employed social media statistics to convey a prediction.<\/p>\n
The Bitcoin community is no stranger to Twitter, Reddit, and other social media outlets.\u00a0In fact, since the cryptocurrency came into being, the hundreds of thousands of enthusiasts that have grown a connection to the innovation have coalesced on Twitter, forming what is now affectionately known as “Crypto Twitter.”<\/p>\n
Many argue that crypto’s seeming enamorment with digital social engagement, whether taking the form of 280-character eye-opening messages, Medium posts, in-depth Youtube videos, or the like, is no accident.\u00a0As stated by Jack Dorsey, chief executive of both Square and Twitter, in a recent appearance on Joe Rogan’s world-renowned podcast, the cryptocurrency was born, lives, and thrives on the presence\u00a0of the Internet.<\/p>\n
So, it should come as no surprise that cryptocurrency researchers have sought to take advantage of social media-centric indicators to foresee eventual price action.\u00a0While such methods of analysis would be deemed unorthodox, even zany in legacy markets<\/a>, such as U.S. stocks, many think it is apt to weigh social concepts and trends in this nascent market,\u00a0which is deemed inherently emotional by most.<\/p>\n Murad Mahmudov, a Princeton graduate turned crypto crusader and hedge fund hopeful, recently used BitInfo’s Bitcoin-related tweets measure to do some impromptu analysis. Mahmudov, who is a long-term believer<\/a> in the potency of this asset class, divulged that tweets regarding the cryptocurrency have reached 2014 levels, lower than any point in 2016.<\/p>\n 1\/ This screams bearish. That is an absolute disaster for the price in the medium-term in my opinion. pic.twitter.com\/DTdsUepx1t<\/a><\/p>\n — Murad (@MustStopMurad) February 3, 2019<\/a><\/p><\/blockquote>\n\n
Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed.<\/p>\n