Sentiment on Bitcoin The New Black! / Audio Analysis by Paul Barron
New data reveals a potential Bitcoin and digital asset revolution
Bitcoin Sentiment continues to enter a new standard that sentiment analysis tools have not recorded since 2021, along with unique fundamentals that could indicate that Bitcoin has separated from the Tradfi markets.
The Crypto Power Index Identified three critical events over the past two weeks, starting with a liquidity event upon the failure of the Silicon Valley Bank the day before the announcement; Second was the first move of BTC to $26K, and the third was the last move to $28K.
What is significant is the recent Fed Meeting and announcement of a 25 basis point hike in interest rates and Chair Powell’s statement of rate decreases not in the cards have not had a significant effect on Bitcoin as in past FOMC meeting results. This data, aligned with the addition of the financial market meltdown that appears to be in play, which could indicate a new sentiment analysis level on digital assets.
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Learn more about the CPI
Is The 2023 Financial Crisis Just Beginning?
Is Crypto Being Herded Into Traditional Finance?
Why Sentiment Could Be The Tool For the Future of Finance
Spending almost a decade in the development of the Crypto Power Index, the CPI utilizes some of the best technology to determine market sentiment using Natural Language Processing (NLP) sentiment analysis which is a type of machine learning algorithm that aims to determine the sentiment or emotional tone of a piece of text. Sentiment analysis algorithms use NLP techniques to analyze text data and classify it as positive, negative, or neutral based on the overall sentiment conveyed in the text.
Rule-Based Crypto Analysis
Several sentiment analysis approaches in NLP include rule-based, machine learning-based, and hybrid approaches. Rule-based approaches use a set of predefined rules to determine the sentiment of a piece of text. On the other hand, machine learning-based approaches use algorithms trained on a large dataset of labeled text to learn how to classify new text based on its sentiment accurately. Hybrid approaches combine elements of both rule-based and machine-learning-based approaches.
Types of Sentiment Rules
Top Line Sentiment - measures overall load minus the distilled data from the number of bots identified in the Crypto markets. With top-line sentiment, we continue to discard as much as 60% of the data on some of the most bot-driven projects. We then glean the data to resolve the overall sentiment scores related to comprehensive market analysis.
Amplification Sentiment - This analyses action and intent related to assets with a unique set of analysis tools on fundamental weighting from news, social, and engagement around a crypto asset.
Hybrid approaches combine elements of both rule-based and machine-learning-based systems. That has been our foucus in the development of the platform that is now one of the longest running sentiment analysis tools for markets. Welcome to the Crypto Power Index!
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