Bitcoin sentiment remained strong during the halving, despite a pre-day flash crash and a lackluster show of events on the day itself, said Joshua Frank, co-founder and CEO of data analytics platform, The tie.
“The event remains the dominant story for Bitcoin.” Frank said Decrypt, “The Halving remains the most used word in Twitter conversations around Bitcoin, and 65% of the 4,119 tweets from the last 24 hours that mention the Halving are positive. This is in addition to the more than one and a half thousand tweets that the hashtags #BitcoinHalving and # BitcoinHalving2020 both of which are more than 70% positive. “
Before the halving, Bitcoin sentiment had peaked annually. This was shortly before the climb to $ 10,000 on May 7. Nevertheless, the positivity was short-lived. Sentiment turned sour two days before Bitcoin’s big day, when the price fell suddenly.
“On [May] 9th, when Bitcoin’s price fell more than 10%, sentiment fell to its lowest level since ‘Bloody Thursday’ on March 12, ” said Frank.
Despite the negative connotations of a price drop, investors remained resilient and sentiment returned within 24 hours.
On the day of halving, Bitcoin experienced one of the highest numbers of unique Twitter accounts discussing the coin since June 2019 – second only to the catastrophic crash on March 12.
More noticeable, however, was the dominance of Bitcoin’s tweet – an indicator that indicates the percentage of total cryptocurrency tweets that an individual asset accounts for. According to Frank, the dominance of the tweet on Bitcoin on May 11, the halving day, reached its highest point since December 8, 2017.
So while the Bitcoin halving itself was less than moved, at least the sentiment continued to exceed expectations. Which is more then it can be said for the price.