Bloomberg analyst Tracy Alloway posted two charts on her Twitter last week. One reflects changes in the bitcoin rate, the second shows the dynamics of the price of avocado. The data are presented from February to the end of September of the current year, and the two curves surprisingly generally repeat each other's drawing.
Alloway is in no hurry to draw any conclusions, she only draws attention to an interesting pattern. But what could be the connection between avocado and bitcoin? Someone bluntly says that this is a coincidence. For example, the trend in the deaths of Americans who have died due to entanglement in bed sheets matches perfectly with fluctuations in per capita cheese consumption in the United States. Whether there is at least some kind of correlation here is an extremely controversial question.
Price correlation chart for bitcoin and avocado
Others believe that there is some connection in the case of bitcoin and avocado. For example, fruit and cryptocurrency have in common a consumer - these are "millennials" who, after winter boredom, became interested in fresh fruit and cryptocurrency manipulations. This pushed prices to summer highs, but then interest dried up and the charts of both commodities went down. There is some logic in this.
The most interesting thing is that it will be possible to check the reliability of such a connection very soon. Recently, Donald Trump introduced new restrictions against Mexico, from where 75% of avocados come to the United States, which will fully hit the market for these fruits just at the end of autumn. Significant fluctuations in avocado prices are inevitable, which will provide an opportunity to visually check how they relate to the state of Bitcoin.