Lamborghini has a correlation with Bitcoin. Can it predict the price trend?

Maybe this is the first time you have heard that there is a certain correlation between Lamborghini and Bitcoin that cannot be beaten by eight poles.

(Image source: pixabay )

Usually, the connection between Bitcoin and Lamborghini is thought to exist only on the surface. That is, investors who have become rich through Bitcoin may buy Lamborghini in order to show their identity. As a result, the entire bitcoin community has finally made it possible to buy Lamborghini as a symbol of wealth.

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However, the connection between Lamborghini and Bitcoin seems to be deeper. According to a report by chart platform ChartStart, the number of times users mentioned Lamborghini on the Bitcoin sub-forum of Reddit can be used to measure the price trend of Bitcoin.

The report tracked the relationship between the number of times Lamborghini was mentioned on Reddit and the price of bitcoin. The report showed that before the price of bitcoin rose briefly, the number of times Lamborghini was mentioned surged. For example, in July 2017, before the price of Bitcoin continued to rise, the number of times that users mentioned Lamborghini increased significantly. And in October 2019, before the price of bitcoin plummeted, the number of user discussions about Lamborghini in the Bitcoin sub-forum dropped sharply.

Does "Lamborghini" reflect the optimism of the Bitcoin community. Image: ChartStar

However, in several major bull markets, the number of times Lamborghini was discussed in the Bitcoin sub-forum failed to reflect Bitcoin's price change in advance. In fact, it was issued as a lagging indicator, indicating a negative correlation between the two. .

This is not the first time people have discovered a correlation between the price of bitcoin and a physical object. Decrypt reported last October that there was a surprising correlation between the price of avocado and the price of bitcoin. At the time, Bloomberg analyst Tracy Alloway had joked that it was the price change of avocado that warned her in advance that the trend of Bitcoin might suddenly go down.

Of course, the price of avocado has also started to rise recently, so that some criminal groups have begun stealing avocados on a large scale. Let's take care of the bitcoin in your hand.

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