In a funny tweet by Bloomberg journalist Tracy Alloway, the price of Bitcoin seems to oddly follow the price of avocados in Mexico. Sadly, the price of the fruit has plummeted this month.
Could following the price of avocados be the secret to predicting Bitcoin’s future movements? Oddly enough, the price chart of both the fruit and the leading cryptocurrency follow each other quite closely.
As Bloomberg reporter Tracy Alloway humorously tweeted recently, the price charts of both oddly mirror each other. The absurd correlation might leave you scratching your head—and it has to be seen to be believed.
As seen in the chart, the price of avocados seems to mirror the price of Bitcoin from February 2019 up until September. Since then, the fruit has decoupled from Bitcoin with its price plummeting this month. However, perhaps that’s a bad omen that more losses may be coming for Bitcoin — if you trust the Bitcoin-avocado correlation, that is. Could this be the secret to predicting Bitcoin’s price? Clearly not, but the comparison demonstrates how correlation definitely does not equal causation. As one user writes, he personally cannot wait for the avocado price to drop further so that “salad and guacamole can be cheaper.” Hopefully, Bitcoin’s price doesn’t follow. https://twitter.com/GL89891/status/1187170278985461760 There is a silver lining though, as user E-nonymous (@EnonymousAcc) points out, in that the price of Bitcoin in avocados has demonstrated that it stays relatively constant. That’s great news if you’re trying to buy avocadoes in Bitcoin — if you can even find a vendor who would be willing to make that trade.*BITCOIN DROPS TO LOWEST LEVEL SINCE JUNE
— Tracy Alloway (@tracyalloway) October 24, 2019
The avocados told me this would happen. pic.twitter.com/5rOyE3Ohak
Who knew avocadoes would have this much influence on the cryptocurrency market? This might just need to be included in technical analysis by traders. After all, the correlation speaks for itself. What do you think of this absurd correlation? Let us know your thoughts below in the comments.the good news is that the price of bitcoin in avocados stays relatively constant.
— E-nonymous (@EnonymousAcc) October 24, 2019
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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