The Turbulent Season For Bitcoin May Be Over According To Google TrendsCryptocurrency analysts are convinced that the worst is finally over for Bitcoin investors based on statistics collected from Google Trends.
You may be wondering what this means exactly for the cryptocurrency space. Does it mean that investors should start buying Bitcoin and expect the price to surge again? That might not exactly be the case. An author called Clem Chambers recently revealed in a Forbes post that he collected some interesting data about Bitcoin from Google Trends. The statistics revealed that the cryptocurrency has significantly higher searches than other top-ranking searches such as President Trump and pop star Taylor Swift.
The interest in Bitcoin started surging right around December last year when the price of Bitcoin was experiencing a strong bullish trend that saw its price go beyond $19,000. However, the Bitcoin data from Google Trends also revealed that there were fewer searches on Bitcoin around February and March when the cryptocurrency market suffered a long bearish market.
“This suggests to me that stocks are driven by fear and crypto by greed, a tantalizing idea in its own right,” stated Chambers.
Chambers could be right considering that the Bitcoin price increases in the last four months have also happened at the same time that interest in the cryptocurrency peaks based on search results. This is the opposite of how the stock market behaves where interest in stocks goes down as prices go up and interest increases as prices go down.
He believes that Google statistics might be an indicator that the worst times for Bitcoin are finally over. This suggests that the cryptocurrency might not experience the extreme volatility that was seen in the market over the past one year. This could be good news for Bitcoin traders because it means the market is becoming more stable, thus easier to trade.
Bitcoin’s Price Might Still Continue to Tank
The claims made by chambers are however not an exact science. There are still a lot of uncertainties in the cryptocurrency market and there is no telling whether another strong bear or bull market will occur. Meanwhile, the price of Bitcoin could still continue to go down and it might even go below $5,000.
As far as the worst being over, that is relative, especially for investors. For example, there are those that bought Bitcoin when the price was already above $10,000 especially with the many prophecies about the cryptocurrency. Things are not looking too good for them because Bitcoin’s price has remained below $10,000 for quite some time. Some of the predictions claimed that the price would go above $40,000 and some even predicting more than $100,000.
Meanwhile, a lot of traders are still interested in the cryptocurrency market and although cryptocurrencies such as Bitcoin have slowed down over the past few months, a lot of people are still hopeful about another massive surge.