Social Indicator: Bitcoin Price May Soon Surge Higher From $8,000

Reported by News BTC, “On Monday, the Bitcoin price spiked out of nowhere, reclaiming $8,350 in a jaw-dropping 6% rally after a precipitous drop to $7,800. While the bullish price action has decisively ended, with BTC falling back to $8,100 as of the time of writing this, indicators abound have shown that cryptocurrencies may continue to recover in the coming days and weeks.

“The most notable of these is Santiment’s social volume indicator, which tracks social media mentions of Bitcoin over time.

“In a tweet published Tuesday, the cryptocurrency data provider pointed out that social volume for the leading cryptocurrency ‘ continu its quiet decline after hitting a recent two-year low.’ Indeed, BitInfo recently noted that the use of the ‘Bitcoin’ hashtag fell to a three-year low after peaking earlier this year during the pseudo-bull run in May/June.

“While many see this as a sign that Bitcoin will only fall further, even further than 40% from the year-to-date top of $14,000, Santiment argues that this can be interpreted as bullish. They wrote that historically, ‘low social volume has preceded large price upswings and bull runs, and high social volume has been fairly reliable top indicator.’

“While Santiment’s social indicators have clear historical precedence in their implications, is their other evidence, in terms of technicals and fundamentals, to back the idea that the Bitcoin price may soon surge higher?”

Continue to read the full story at News BTC.

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