Bitcoin Google Search Interest Stands At Critical Level, What This Forecast For BTC

2023-7-11 04:00

The price of Bitcoin is stuck at its current levels as bulls and bears fight for control. The number one cryptocurrency by market cap experienced some gains in the past weeks, but volatility across the board declined, leading to the current dynamic.

As of this writing, Bitcoin trades at $30,500 with sideways movement in the last 24 hours. Over the past week, the cryptocurrency has recorded a 2% loss while the rest of the sector follows and records steeper losses.

Google Metric Hints At Profits For Bitcoin?

According to analyst Dylan LeClair, Google searches for Bitcoin Price have declined since 2023. The chart below shows that searches for this keyword decreased since 2021.

At that time, BTC was on a bull run and managed to climb as high as $69,000 from a $3,000 low last seen in March 2020. In that sense, Google searches for Bitcoin Price operate as a proxy to gauge interest in the cryptocurrency.

Interest from mainstream media and non-crypto investors follows the price of the cryptocurrency. The higher the interest the chart hints at, the higher the price.

Conversely, interest declines as the price of the cryptocurrency declines. Historical interest in the keyword “Bitcoin price” on Google has fluctuated to the upside, as the chart below shows.

In the 2017 to 2018 bull run, the monthly searches for this keyword rose to unprecedented levels, but the percentile has been consistent on the downside since 2019 before BTC can resume its bullish momentum.

In other words, since 2017, BTC only enters a bull-run phase when interest declines to a certain point; the metric is close to those levels. LeClair stated the following while pointing out:

Bitcoin price vs. Google Search Interest. The bottom pane shows the ratio of the two ( $BTC price / search interest percentile). Notice how price relative to media hype & search interest is up and to the right? Think about it…

On when BTC could break its current price action, analyst and NewsBTC Editorial Director Tony Spilotro pointed at the Bollinger Bands. An indicator that gauges potential spikes in volatility and price action.

Spilotro stated while sharing the chart below:

Bitcoin Bollinger Bands are the tightest on the daily since the start of 2023. The last time they were this tight we had a 40% up move. Another 40% higher from here would be $42,000.

Cover image from Unsplash, chart from Tradingview

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Источник: newsbtc.com

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