Bitcoin sentiment remains strong throughout halving, despite the previous day’s flash crash and a lackluster event on the day itself, according to Joshua Frank, founder and CEO of data analytics platform The Tie.
“This event remains the dominant narrative for Bitcoin.” Frank told Decrypt. “The Halving continues to be the most used word in Twitter conversations about Bitcoin, and 65% of the 4,119 tweets over the past 24 hours mentioning Halving were positive.
This is in addition to more than one and a half thousand tweets using the hashtags #BitcoinHalving and #BitcoinHalving2020 which are both more than 70% positive. “
Prior to halving, Bitcoin sentiment had hit an annual high. It was shortly before rising to $10,000 on May 7. However, that positivity was short-lived. Sentiment worsened just two days before Bitcoin’s big day, when the price suddenly dropped.
“On May 9, when the price of Bitcoin fell by more than 10%. Sentiment dropped to its lowest level since “Bloody Thursday” on March 12,” Frank explained.
However, despite the negative connotations of falling prices, investors remained resilient, with sentiment bouncing back in just 24 hours.
Come on the day halving, Bitcoin experienced one of the most unique Twitter accounts discussing the coin since June 2022 — second only to the cataclysmic crash on March 12.
More important, however, is the dominance of Bitcoin tweets — an indicator that shows the overall percentage of cryptocurrency tweets recorded by individual assets. According to Frank, on May 11 — halving day — Bitcoin Tweet dominance reached its highest point since December 8, 2017.
So while Bitcoin halving itself is less of an event, at least sentiment continues to exceed expectations. That’s more than can be said for the price.