Over the past 24 hours the crypto market showed sparks of hope slightly rebounding by $1 billion after the price of Bitcoin recovered to mid $3,500 but in today’s bitcoin news we will see why traders and investors are still worried about the price trend of the number one cryptocurrency.
Murad Mahmudov-a cryptoanalyst says that the word ‘’Bitcoin’’ while searching on Twitter has declined immensely over the past 14 months. Twitter is still the most used platform for developers and crypto researchers so the drop in engagement on the platform shows a lack of interest in the cryptocurrency. Mahmudov said:
“This screams bearish. Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed. That is an absolute disaster for the price in the medium-term in my opinion.’’
Investors in the short-term have discovered that the bear market will last longer than has ever lasted before so holders are about to start selling. The current bear market is officially the longest one in the history of the crypto sector. Mahmudov continued:
‘’You need a complete price exhaustion and attention exhaustion from anyone except the absolute true believers. More people will sell when they realize that this winter will last for even longer than they thought, or that they can potentially buy back in later & lower.’’
However, in the long run, Mahmudov believes that investors have to acknowledge the weaknesses in BTC and to always consider it as a high-risk investment.
It still uncertain whether BTC will sustain its momentum at $3,500 but if it does, traders expect for it to reach $4,000.
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