Google’s trend explorer is in the latest news on our DC Forecasts crypto news site, this time showing a record high in terms of searches related to the term “Bitcoin” this year. As the report shows, the levels hit a record high since the first week in April.
Even though there is no clear information about how many searches has the term “Bitcoin” accrued so far this week, data from Google revealed that the searches in the past three days alone made up 17% of the all-time high weekly search volume from December 17-23 2017.
What’s also interesting is the fact that at that time, Bitcoin was coming closer to the $20,000 mark while now it is valued at more than $4,300 according to latest news.
The trend data also reveals that the most searches for Bitcoin in the world past week came from Nigeria, South Africa and Austria (in this order) and the United States barely made it to the top 20, ranking in at 19th.
It has long been speculated that the price of Bitcoin and the number of search terms on Google are highly correlated, which suggests that the recent uptick may be a sign for new positive outcomes in the Bitcoin price.
In other words, the periods of ‘low’ Bitcoin search volume have been so far statistically in line with the dropping price of the most dominant cryptocurrency. On the other hand, the rising interest for Bitcoin may give many points for maximum financial opportunity – but also a warning sign that Bitcoin may be a ‘bubble’ and that it may also reverse in price very soon.
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“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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