Meet Bitcoin Market’s Most Accurate Technical Indicator: Lamborghini

Take a break Golden Cross, bitcoin now has found a better technical indicator in Lamborghini this Valentine’s Day.
So it appears, there is a great positive correlation between the cryptocurrency’s price rise and the mention of one of the most beloved sports cars on Reddit. David Gilbert of data analysis portal ChartStar noted that both the metrics rose and fell in tandem during the bitcoin’s last bull run, giving out an unforeseeable relationship.
Lamborghini trend on social almost followed bitcoin’s bull run in 2019 | Source: ChartStar, David Gilbert
When Bitcoin Traders Win
Mr. Gilbert explained that he queried all the Reddit comments for the keyword ‘Lamborghini’ and ‘Lambo’ using Google’s dataset services. The researcher confirmed focusing on main crypto subreddits, including r/bitcoin, r/cryptocurrencies, r/ethtrader, r/dogecoin, and a handful of others.
“What I find interesting is whilst Lambo mentions clearly spike after the biggest price increase, there is also a very substantial surge in Lamborghini mentions early on the bullish phase,” said Mr. Gilbert.

Bitcoin Could Go Vertical as Price Explodes Past Crucial Resistance at $10,000
Wednesday February 12, 2020

Over the past day, Bitcoin has done extremely well; case in point: per data from CoinMarketCap, the price of the leading cryptocurrency has surged 5% higher to $10,300 over the past 24 hours, reaching...

The post Bitcoin Could Go Vertical as Price Explodes Past Crucial Resistance at $10,000 appeared first on 12bitplay - Bitcoin Play.

Querying billions of Reddit comments reveals Lamborghini mention frequency is a technical indicator of Bitcoin price rises.
Read our blog post to see what the 2020 Lamborghini trend says
— ChartStarHQ (@ChartStarHQ) February 14, 2020

Trader Who Predicted $2,500 Bitcoin Rally Warns of Pullback: Here’s Why
Thursday February 13, 2020

Bitcoin’s strong surge to kick off 2020 has caught many traders on the back foot. Case in point: each leg higher in the price of BTC has been marked by dozens of millions of...

The post Trader Who Predicted $2,500 Bitcoin Rally Warns of Pullback: Here’s Why appeared first on 12bitplay - Bitcoin Play.

He noted that mentions of the sports car spiked during the 2019 bitcoin bull run, adding that the trend was getting repeated in during the 2020’s parabolic price rally.
“Let’s all pause for a brief second and admire the subtle beauty of that sharp upward trend in Lambo mentions from the last week,” explained Mr. Gilbert with a chart (as given below). “Note that the time scale at the bottom is “year-week” and goes up until the 6th week of this year which is as far as I could take it.”
2020 Bitcoin price rally matching steps with ‘Lamborghini’ trend on Reddit | Source: ChartStar, David Gilbert
The Crazy Bitcoin Correlations
Bitcoin’s amusing correlation with assets that hold no technical resemblance to cryptocurrencies is not a new thing. Earlier this year, the world’s first crypto asset received mentions in global media coverages for registering a price rally in 2017 that was eerly similar to parabolic moves in the Tesla stocks in 2019-2020.
Tesla vs Bitcoin
Similarly, bitcoin was spotted by social media for moving too closely with the prices of Avocado, a must fruit for all the low-carb, healthy fat diet maniacs. Tracy Alloway, the executive editor at Bloomberg, tweeted:

Analysis That Predicted Ripple XRP’s $0.17 Bottom: 200% Rally is Coming
Saturday February 15, 2020

XRP has been on an absolute tear over the past 60 days. Since bottoming at $0.17 in the middle of December, the cryptocurrency, currently the third-largest by market capitalization/value, has surged by just under...

The post Analysis That Predicted Ripple XRP’s $0.17 Bottom: 200% Rally is Coming appeared first on 12bitplay - Bitcoin Play.

Avocado prices are clearly tracking Bitcoin.
— Tracy Alloway (@tracyalloway) April 2, 2019

But the mention of Lamborghinis, which became a ‘prize’ meme for young investors who struck rich during bitcoin’s bull runs, came closer to become an accurate leading/lagging indicator, given by the correlation charts presented by Mr. Gilbert.

Overall, a big bitcoin boom could be good for Automobili Lamborghini S.p.A. – for now.

You may also like...