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.
*BITCOIN DROPS TO LOWEST LEVEL SINCE JUNE
The avocados told me this would happen. pic.twitter.com/5rOyE3Ohak
— Tracy Alloway (@tracyalloway) October 24, 2019
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.
Don't care about Bitcoin, but love to see avocado price to drop further.
Salad and guacamole can be cheaper.🥑
— GL8989 (@GL89891) October 24, 2019
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.
the good news is that the price of bitcoin in avocados stays relatively constant.
— E-nonymous (@EnonymousAcc) October 24, 2019
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.
Images courtesy of Twitter.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!