Google Trends Data Suggests Bitcoin Price May Have Bottomed Out
Now, an influx of funds from long-term holders (or HODLers) and believers from the technology, instead of FOMO-driven speculators, could serve as a launchpad towards new all time highs. The hottest Google Trends data suggests that the downward trend in Bitcoin price could have found a bottom and may be turning to the upside.
Bitcoin price hit its all time high in mid-December, reaching $20,000 USD. Therefore, it is going to come as no surprise that the number of people searching for ‘Bitcoin’ on Google also peaked at the specific same time.
It monitors trillions of searches each year , making it one of the most useful, real-time data indicators of individual interest by area and category.
In fact, the term “Bitcoin” was the next most popular search for international news in 2017. Interestingly, last January’s data suggested the cryptocurrency was expected for a significant breakout for the year.
The harbinger was correct, albeit a brief dry-spell in the initial two weeks (like what we are visiting right now).
The Trends 2013 album was broken in May of last year, which had been the exact period when Bitcoin price started its Travels climb to new all-time highs in December.
Out of the Bear-Ridden Woods?
We are now seeing a replica of what occurred at the beginning of this past year. The Trends graph shows a change to the uptrend for curiosity about Bitcoin for February.
Assessing the above chart to Bitcoin price, which similarly reversed 40 percent from approximately $6,000 USD, and the resemblance is striking.
Consequently, if you feel that price follows curiosity, and so, more buyers and increased quantity, there is a fantastic chance that Bitcoin could examine fresh all-time highs in the upcoming few months since several market analysts have forecasted.
“I think we’ll have Regulators waking the market many times weekly for the next two weeks before the SEC comes outside with a management and institutions have started to invest,” David Drake, Chairman of LDJ Capital, informed Bitcoinist in an interview last week.
“Now, prices will go away and I believe that is going to occur about March and April,” he added.
Apart from reduced fees and strengthening principles because of some promising updates (e.g. Lightning Network) expected this season, another bullish aspect to think about is the recent sell-off has shaken out the so-called feeble hands. Really, the January correction could have revived some philosophical equilibrium to a reddish hot cryptocurrency marketplace.