Is a Bitcoin Rally Coming Soon? Analyst Explains - COINTURK NEWS
reklamı kapat

Is a Bitcoin Rally Coming Soon? Analyst Explains

4:03 am (50 days ago)
October 13, 2023

The price of Bitcoin (BTC) and the search habits on Google Trends are known to be closely related criteria. This is because the increase in interest in Bitcoin, the leading cryptocurrency, can lead to both higher prices and more searches for “Bitcoin” on Google.

The Current Situation of Bitcoin on Google Trends

In the past two years, Bitcoin has experienced incredibly large price movements. It traded in a downtrend, dropping from its ATH level of $69,000 in November 2021 to a low level of $15,400 in November 2022. In recent times, Bitcoin has been trading in the range of $24,700 to $31,800 since March 2023.

Despite the fact that the price has risen from a level of $15,400, there seem to be question marks on the Google Trends side. The search frequency for the word “Bitcoin” reached a new low level on October 12 and is currently close to 2020 levels of interest.

Especially the data taken from Google indicated a low level with a score of 14 for the current week. It is also important to note that the week is not over yet and the score could rise until October 14.

Will BTC price follow Google Trends?

As mentioned above, the price of BTC and the scores of Google Trends generally move in correlation. However, differences generally occur when one of the two metrics reverses its trend.

In 2020, when the price of Bitcoin entered an uptrend, Google scores were at low levels. This divergence caused a bomb effect in the market. In the following period, a new correlation occurred between the two indicators, leading to a bull market that lasted until March 2021.

Interestingly, the deviation seen in the chart below occurred when BTC was at its all-time high in November 2021. When this deviation occurred, Google Trends showed a value of only 36.

Considering this situation, it is possible for the cryptocurrency market to face another low interest deviation. There still seems to be no consensus on Bitcoin’s next move. The recent war situation that emerged in the past days has also made the markets more complex.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts