Bitcoin Google Data Hints At A New BTC Moonshot

Ever since the early days of 2019, the search engine interest for the keyword “Bitcoin” has nearly doubled, as Bitcoin Google data showed. In fact, we are talking about data from Google Trends which showed that the demand for Bitcoin is on the rise.

In line with this, the consumer interest is still down nearly 90% from its all-time high – which means that there is a strong possibility that the crypto boom has more room to run. The latest cryptocurrency news showed that the Bitcoin Google data is again viral.

In December 2018, the sharp fall in the Bitcoin price led many investors to despair and affected the searches. People simply lost interest, which led to a mammoth decline in the crypto-related search queries.

As the BTC price recovered from $3,150 to $10,195 in only six months, the search interest for the asset increased. Even now, however, the Bitcoin Google data is nowhere close to the enthusiasm that we saw in the 2017 bull market.

Still, many best cryptocurrency news sites show that the keyword “Bitcoin” is popular again. No matter how far the popularity goes compared to 2017, the new increase may suggest a new trend too.

What is also important to note is that the recent crypto market rally is said to have been led by institutions – and not retail investors. According to Bitcoin Google data, it is evident that the retail interest in Bitcoin does not compare to the interest seen in 2017.

“Institutional investors comprised the highest percentage of total demand for Grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%). As we have mentioned in previous reports, many institutional investors may view the current drawdown as an attractive entry point to add to their core positions in digital assets,” Grayscale’s Q1 report read.

Henec, is the inflow of capital coming from institutions led the market to recover in the past six months without much retail interest, analysts speculate that once retail investors get in – the market should see an even larger momentum built up.

Earlier this week, Thomas Lee confirmed that, indicating that the Bitcoin Google data may go up soon and the price could reach $20k to $40k after piercing its $10k “FOMO level.” He said:

“To be more clear, we looked at past fear of missing out (FOMO) periods; so when does bitcoin trade within three percent of its historical price levels and that was roughly $10,000 for bitcoin. And looking at the past bull cycles, once you breach that FOMO level, bitcoin typically rallies 200 to 400 percent.”