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Huge interest on socials due to the crash in cryptocurrency prices
Huge interest on socials due to the crash in cryptocurrency prices
Crypto

Huge interest on socials due to the crash in cryptocurrency prices

By Marco Cavicchioli - 11 May 2020

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There was a sudden crash in cryptocurrency prices yesterday. 

In reality, technically speaking, it was a retracement, which some analysts already predicted, but it happened very quickly and in a moment of euphoria in the markets, especially for retail investors who were hoping for further price increases thanks to the imminent halving. 

It was precisely this large mass of non-professional investors entering the crypto markets as a result of recent price increases, with BTC for example almost doubling its value in just under two months, that did not seem to have reacted very well to this retracement. 

For example, Santiment points out that the volume of mentions on social networks skyrocketed yesterday, with a peak that more than doubled the previous peak in May. 

Bitcoin mentions on social networks literally exploded after the sudden drop in price from $9,600 to $8,100 in 15 minutes. 

Santiment also predicts that should another similar peak occur, this could mean that the price would be ready to bounce back. 

Moreover, the crash has affected almost all cryptocurrencies, not just bitcoin. In another chart, also published by Santiment, it is clear that only a small handful of crypto assets have resisted the sudden fall, and many cryptocurrencies have fallen in percentage very close to the average, just under 10%. 

It was a very sudden and generalized crash, but of very short duration, generating very small losses, as the price of bitcoin, for example, returned to the levels of a week ago. 

Despite this, very bullish long-term predictions continue to be published. 

For example, the founder and CEO of Real Vision, Raoul Pal, published on Twitter two charts with which he made two predictions. 

According to the first one, the price of bitcoin could rise up to $40,000, but the second chart, logarithmic, would suggest a maximum potential of $1 million. It refers in particular to the possible ceiling that the bitcoin price could reach in the possible post-halving bull-run. 

This maximum hypothesis would be confirmed by a third chart which, however, sets a more realistic price of $400,000. It is worth mentioning though, that the range between $40,000 and $1,000,000 is too wide to define this as a real prediction.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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