Can Google Trends Predict The Last Bitcoin Leg Up?

2021-7-6 21:29

The Google trends data for the search term “Bitcoin” shows that the curve today is similar to that of the 2017 bull market.

Can Google Trends Predict A Bull Market?

As pointed out by Twitter user Bitcoin Archive, the Google Trends graph for “Bitcoin” matches up with the last leg up for the 2017 bull market.

Here is how the Google trend chart in question looks like:

Trends for the search term "Bitcoin" today compared to 2017 | Source: Google Trends

As you can see in the above chart, the oval marks the region from 2017 that seems to be similar when compared with today (marked with the circle).

Related Reading | How El Salvador Could Issue Digital Bond To Strengthen Bitcoin Law

2017 was a historic bull run where the price of Bitcoin rose from $900 at the beginning of the year to $20000 in December of the same.

However, a similarity in these Google trends may not mean a bull run is imminent.

Here is how the Google trends chart looks like for the search term “crypto“:

Trends for the search term "crypto" in the last 5 years | Source: Google Trends

From these trends, it indeed looks like the 2017 and the current periods are indeed similar. However, these charts are different in that the search trends for the term “crypto” make it look like the current bull run is over.

As such, there doesn’t seem to be a real relationship between Google Trends curves and the nature of the bull run.

Related Reading | How the Great Bitcoin Miner Migration Has Impacted the Market

Though, it doesn’t mean Google Trends are completely useless. They do show the interest in Bitcoin and crypto, more of which should be positive for the future price.

For example, the peaks that occur in 2017 and 2020 were indeed accompanied by high price swings as a higher price attracts more people. And more people investing means a better price overall.

However, the high price itself couldn’t be predicted using Google Trends.

Bitcoin Price

At the time of writing, BTC is trading around $33.6k. It’s down around 1.2% in the past 7 days, while compared to last month, its value is down almost 7%.

Here is a price chart showing the variation in the value of Bitcoin over the past 6 months:

BTC's price seems to have stagnated | Source: BTCUSD on TradingView

Bitcoin had a 50% dip in price during May caused by the reiteration of China’s Bitcoin ban. Subsequent crackdowns by the nation on crypto mining farms in big miner hubs like Sichuan have also made the cryptocurrency drop some.

BTC hasn’t improved since the crash, and it’s hard to say when things might take the turn for the better. However, it has also not been crashing further. For now, it seems to be in a state of stagnation.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 60838.11 (+0.04%)
Объем 24H $25.251b
Изменеия 24h: -3.37 %, 7d: -3.71 %
Cегодня L: $60488.04 - H: $61059.21
Капитализация $1198.319b Rank 1
Цена в час новости $ 34075.52 (78.54%)

bitcoin trends google 2017 market predict leg

Источник: bitcoinist.com

bitcoin trends → Результатов: 126


Navigating the 2024 Bitcoin Landscape: Trends, Opportunities, and the Road Ahead

As we delve into 2024, the Bitcoin landscape presents a dynamic and rapidly evolving arena, marked by significant developments in regulation, technology, and market trends. This comprehensive analysis aims to shed light on the pivotal trends shaping the Bitcoin universe, offering insights for enthusiasts, investors, and participants in the Bitcoin ecosystem, including platforms like BitcoinGames.

2024-2-6 01:53


Интерес к Bitcoin упал до значений весны 2017 года

Количество поисковых запросов по первой криптовалюте опустилось до уровня двухлетней давности Интерес к Bitcoin упал до значений апреля 2017 г. , когда цена первой криптовалюты была ниже $2000, по данным Google Trends.

2019-3-7 15:00


Число запросов по поиску «Bitcoin» в Google опустилось до апрельских значений 2018 года

Несмотря на постепенное восстановление рыночной активности, динамика поисковых запросов по слову «Bitcoin» остается на относительно низком уровне. Данные: Google Trends Как видно на графике, биткоин ищут примерно с такою же активностью, как в апреле 2017 года, когда цена актива была менее $2000.

2019-3-6 11:52


Google Trends: число запросов по слову «Bitcoin» упало до значений весны 2017 года

Несмотря на постепенное восстановление рыночной активности, динамика поисковых запросов по слову «Bitcoin» остается на относительно низком уровне. Как видно на графике, биткоин ищут примерно с такою же активностью, как в апреле 2017 года, когда цена актива была менее $2000.

2019-3-6 11:09


Bitcoin’s Value Not Expected to Change Substantially Unless Google Trends Graph Begins to Reverse

As all of our readers probably know by now, mainstream curiosity regarding Bitcoin has waned quite significantly over the past 12-14 months. This has happened because the premier asset has lost over 80% of its value since hitting its all-time high of USD $20K (during Dec-2017). To put things into perspective, we can see that […]

2019-3-3 19:18


Bitcoin is Spotted in Newest Spider Man Movie: Into the Spider-Verse as Crypto Visibility Trends Upward

No one can deny that Bitcoin awareness is high. The cryptocurrency has just appeared on one of the most high-profile Marvel movie animations recently: Spider-Man: Into The Spider-Verse. As shown by a Reddit poster, there is a very quick scene in which Bitcoin news appear on TV. On a joke about its high volatility, the […]

2019-2-28 03:06


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Dogecoin вошла в топ-5 самых популярных новостных запросов Google в 2021 году

Мем-криптовалюта Dogecoin (DOGE) заняла четвертую строчку в списке самых популярных запросов поисковика Google по всему миру в категории «Новости» в 2021 году. Наибольший интерес к Dogecoin на протяжении года проявляли жители США, Турции, Канады, Сингапура и Нидерландов.

Despite Rising Bitcoin Price, Google Trends Show Interest Remains Low

Despite the recent big move in Bitcoin price, Google trends reveal general interest in the cryptocurrency still remains low. Google Trends For The Search Term “Bitcoin” Show Low Current Interest BTC recently had a sharp move up where the price crossed the $55k mark for the first time since May. However, despite such an increase, […]