Is there anyone who has never checked the Bitcoin graph in Google Trends? Now the trend search engine indicates that in the group of Internet users the interest in the main cryptocurrency … increases. Is this the first prognosis that the boom is approaching?
The number of global searches for the keyword “bitcoin” has now reached levels that have not been seen since the first week of April this year. Current results are already a dozen or so percent of those from December 2017. Interestingly, at the end of last year, the boom continued and the oldest cryptocurrency was already flying around the price of USD 20,000, whereas now it is probably in the key (final?) Moment of the bear market, and one bitcoin costs a little over 4,000 USD.
Africa wants bitcoin?
Data from Google Trends also show that the most interest in Bitcoin in the world last week was recorded in Nigeria, South Africa and Austria. Significantly, in USA “bitcoin” found itself in the top20 most searched words.
So, is the bull market coming? The increase in interest in cryptocurrencies in Google should not be a surprise for anyone, because bitcoin hit the headlines and internet portals last week, and its price dropped below USD 4,000. A deeper analysis reveals that the number of searches has more than doubled on the day the price dropped to slightly above USD 3,000.
A real bull market awaits us?
Can Google Trends be a determinant for the stock market? Some have long speculated that bitcoin prices and Google search trends are highly correlated, suggesting that growth may be a sign of upcoming bitcoin moves.
A study conducted by researcher Willy Woo in 2017 shows that Google search trends can even be used to detect speculative bubbles, as well as the best and worst times for the purchase of cryptocurrency. In other words, periods of low “bitcoin” searches have historically proved to be a “jib” in retrospect, while periods with an exceptionally high search volume were usually associated with bubbles and price changes. Will it be this way this time? We will see soon …