Bitcoin Trends on Weibo with over 100Mln Viewership As its Price Breaks $11,000
Bitcoin goes viral again on China’s Twitter equivalent Weibo as the price of the largest cryptocurrency suddenly spiked to break the $11,000 mark.
Weibo trends shows that the hashtag #BitcoinBull# has been the fourth-most popular search terms on the country’s biggest social media platform, with viewership hitting over 100 million and trending much higher.
This is notable as Weibo is a platform used by more than 516 million monthly active users, indicating a massive amount of attention to bitcoin has allured in China, even though the country has literally banned trading Chinese yuan for bitcoin.
Industry watchers believe that it is a bullish signal and a good advertisement for the crypto market, and it indicates that the massive interest in bitcoin in the world’s second largest economy might help raise public awareness and bring in more crypto investors.
As the crypto fever is sweeping the country again, bitcoin influencers in the country are encouraging the public to get on the crypto bandwagon on Weibo.
Those from crypto exchanges are using the opportunity to attract new users, and crypto analysts are active again by offering investment suggestions or posting their price predictions.
Binance, OKEx and Huobi, the big three China-originated crypto exchanges, have all published posters on their Weibo accounts advertising their respective exchanges.
Mao Shixing, co-founder and CEO of leading bitcoin mining pool F2Pool, posted a weibo joking that “what will you guys buy after achieving financial success in the 2020 great bull”.
Jiang Zhuo’er, founder of mining pool BTC.Top, took to Weibo predicting that BTC could reach $50,000-$150,000, and offering tips for investors that it is time to find an undervalued mainstream crypto as such smaller mainstream cryptos usually gained a larger increase in prices than bitcoin in previous bulls for their smaller market cap size and easier to attract new capital.
Bitcoin bulls are bullish on the rally and say that the $15,000 level is just around the corner and the previous record high of $20,000 is foreseeable.
For the past two months, Bitcoin was performing quite stable, trading sideways in between the $9,000 and $10,000 range. Many analysts forecast that bitcoin price would soar once this year-long $10,500 resistance was broke.
While most seasoned bitcoiners who have learned to be cautious from the volatile market are questioning whether the momentum is sustainable and whether it is starting a real bull.