Bitcoin price hit $ 42,000 amid rising interest in BTC on Google Trends
Bitcoin price is above $ 40,000 after the start of the new year under $ 30,000 and less than a year ago trading at under $ 4,000. And when Bitcoin’s bullish trajectory is changing. Bitcoin touched $ 42,000 for the first time in history hours after surpassing $ 41,000. Are the indicators on Google Trends one of the forecasts for the cryptocurrency market?
Source: Google Trends
Do Google Trends show increasing interest in Bitcoin, price increase, good sign?
Immediately after reaching this milestone, the cryptocurrency dropped 2.4% amid growing selling pressure.
The world is in awe as Bitcoin’s latest rally unfolds. Raising from under $ 4,000 to more than $ 40,000 over a one-year period is no easy feat, and has required more than $ 500 billion in capital flows. Institutions have been more than happy to fork over tens of thousands per coin, and everyone from regular Joes to celebrities this time is included in the FOMO.
Throughout 2019 and early 2020, when reviewing Google Trends and comparing these signals with past Bitcoin rally cases. It was only in the past few months that Bitcoin started a strong uptrend, even last night’s trend on Twitter, after breaking past $ 40,000 per BTC. And while it performed well on Google Trends, lately this trend has started to decline.
Is Google Trends a poor man’s sentiment indicator as one chartered financial analyst and crypto investment manager claims? Really, breaking trends on Google Trends, Bitcoin will follow soon.
The latest rally is likely to overshadow what could happen in 2017. Even if the short-term trend is broken, the long-term trend is still up. However, using Google as a measure of sentiment will get less and less effective over time. Why? Because more and more people know exactly what Bitcoin is and what it means, there is no need to search for information about it.
At that point, the technology will be applied widely enough to have lasting power. Is that the presence of Bitcoin or is everything going to go down in price?
You can see the BTC price here.
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