Love it or hate it, twitter is an integral part of the crypto scene. Sentiment is often gauged by reaction from Bitcoin market analysts and industry insiders who spend their time on the social media platform. Recent charts indicate that overall engagement has declined back to levels as low those two years ago.
Tweeters Go Silent on Bitcoin
The irony is that a lot of what goes on in the cryptoverse revolves around postings on a centralized social media platform. This maybe testament to the immaturity of the scene in that tribalism and infantile bickering is still rife on the platform. The bottom line is that we all want the same thing, and that is the growth of Bitcoin and crypto asset ecosystem for a decentralized financial future.
According to ‘Skew Markets’ twitter engagement for Bitcoin 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 may not be the case for other crypto assets but Bitcoin at least appears to have fallen out of flavor on the social media platform. The peak came with price in early 2018 when daily tweets topped 150k. Today they’re down below the 20k level according to the chart.
It could be that the space has evolved beyond twitter which would be a good thing since the whole scene there is a bit of a circus, as anyone that uses the platform would agree. Intrusive advertising and unfettered spam and scam attempts are rife which does not make it the best stage for an industry advocating the adoption of decentralized digital assets.
Just like Facebook, twitter controls what people see in their feeds and the whole stream of information is becoming more irrelevant which could explain the lack of engagement. ‘Influencers’ as they’re so called are often only interested in promoting their chosen crypto asset, be it Bitcoin, BCH, BSV, ETH, XRP or whatever.
That said there are a few professional analysts and industry insiders worth following if you have the inclination to sort the wheat from the huge pile of twitter chaff.
BTC Bears Back In Town?
With Bitcoin tumbling back to $8,000 the entire scene has turned bearish again with wannabe analysts shouting about further dumps to $5k or below.
There is also a lot of FUD about miner capitulation as the halving approaches and the possibility of the first ever bearish lead up to the event. One of twitter’s more respected analysts and researchers, ‘PlanB’ has noted that this has also happened before.
“Fact is that 6 months before 2012 halving we were above difficulty model value, in 2016 below, and now spot on.”
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
It could be that twitter engagement is indicative of falling market sentiment, but back when tweet levels were this low in January 2017, BTC was priced below $1,000 and today the scene is very different.
Image from Shutterstock
