Mentions of Lamborghinis On Reddit As A Predictor of Bitcoin Price

Could Lamborghini mention frequency really be a technical indicator of Bitcoin price performance?

In our last blog post article we examined the correlation between the frequency of Bitcoin mentions against the USD price of Bitcoin over time. The popular response to that article was amazing - thank you to everyone who liked, shared, upvoted and responded to our content! It's truly appreciated.

We actually received a lot of feedback and ideas for future analysis from readers of that post and immediately started poring over what was suggested:

• What happens if you restrict the analysis to certain subreddits?
• Monero. Monero. Monero. Monero. Monero. (no idea why this kept getting spammed at me).
• Do a vector autoregression model to see lead-lag relationship
• Tesla is like the next Bitcoin and can make me rich right?
• But then someone suggested a truly brilliant idea... What if we analyzed the frequency of Lamborghini mentions with the price of Bitcoin? Could it even be a technical indicator?

At that moment I just knew I had to do this.

Read on and in this post I'll lead you through the most mind blowingly detailed technical analysis ever conducted on Lamborghini mentions correlated with the price of Bitcoin (which probably doesn't take much as this could well be a world first).

And most importantly we'll take a look at how Lamborghini mentions are faring compared to price so far in 2020.

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Introducing the Lamborghini Technical Indicator

I'm skipping the detailed methodology in this post as it's almost an identical copy of this.

But for the uninitiated who want the TLDR: all the Reddit comments can be queried from the free Google BigQuery dataset. Note that's up until Q3 2019, for most recent comments we use the actually awesome PushShift.io free Reddit API.

Speaking of costs, it's worth remembering the "free" Google BigQuery service isn't free when you run a really big query, no pun intended. So for these examples it will push you over the free quota into being billed.

Down to business, Lamborghini Mentions During The last Bitcoin bullrun

Now lets plot the frequency of each Lamborghini mention per month against the dollar price of Bitcoin over the last legendary golden bull-run period:

Well who would have thought it, there's an actual noticeable correlation! Lamborghini techincal indicator confirmed. It's worth pointing out:

• I initially tried "Lamborghini" as the tracking word and got no joy.
• I tried changing this to "Lambo", to account for people who are younger. Generally whenever I've seen Lamborghini memes, Lambo was used more often than Lamborghini so this made sense. That still didn't bring great success.
• So then I narrowed it down further to mentions of "lambo" in specific subreddits: r/bitcoin, r/cryptocurrencies, r/ethtrader, r/dogecoin and a handful of others
• That is when I hit the jackpot as you can see above. And really it makes sense... really it would be quite bizarre if there was a Reddit-wide connection with Lamborghini's and the price of Bitcoin.

What I find interesting is whilst Lambo mentions clearly spike after the biggest price increase, there is also a very substantial surge in Lamborghini mentions early on the bullish phase.

And now for the big one... Bitcoin is on the verge of going super bullish right? Let's see what's going on with Lambo mentions in 2020.

Lambo Reddit frequency compared with Bitcoin's price in 2020

Following the same methodology as above we can see:

Let's all pause for a brief second and admire the subtle beauty of that sharp upwards trend in Lambo mentions from the last week. Note that the time scale at the bottom is "year-week" and goes up until the 6th week of this year which is as far as I could take it.

Mention analysis of other sports cars

Just kidding with that headline.

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