- Bitcoin has been rangebound since the end of November.
- Cryptocurrency expert notes the declining interest towards the coin in social media.
Bitcoin has been moving within a range limited by $4,300 on the upside and $3,200 on the downside since the end of November, A prolonged period of stagnancy makes people look for clues. What will eventually happen to the cryptocurrency market and whether we will skyrocket to the moon or crash down to hell?
In this context, a cryptocurrency analyst Murad Mahmudov has made several gloomy observations. He noticed that the average daily number of tweets about Bitcoin collapsed to the level of 2014.
“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,” he wrote in his twitter account.
Also, he believes that the market is driven by greed and speculations, as people what to make a quick buck and don’t care about decentralization.
“Cryptocurrency’s biggest use case is speculation. That is a fact. For better or worse, Speculation and human greed are your biggest hope.”
Eventually, the market will break this speculative tendency to start growing again, though the price will need to move lower to become interesting for long-term investors.
The expert believes that Bitcoin has a chance to get a status of liquid and secure store of value, a medium of exchange and a payment unit – once it becomes more mature.
BTC/USD, 1-day chart
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