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Nexo

Google Trend Sentiment Breaks Down, Will Bitcoin Follow?

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0

Bitcoin is above $40,000, after starting the new year below $30,000, and less than one year ago trading at under $4,000. The asset’s trajectory has been “only up” but could Google search trends for the first-ever cryptocurrency breaking down be a sign that the bullish uptrend will soon as well?

The Unstoppable Bitcoin Bull Run That’s Trending All Over The World

The world is in awe watching the latest Bitcoin rally unfold. Soaring from under $4,000 to over $40,000 in a single year’s time is no simple feat, and has required the influx of over $500 billion worth of capital.

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Institutions have been more than happy to fork over tens of thousands per coin, and everyone from regular Joes to celebrities this time are included in the FOMO.

RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES

Throughout 2019 and early 2020, one sign analysts used to decipher if a bull market had started or not, was to look toward Google Trends and compare the blips to past instances of Bitcoin fever.

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Only over the last few months as the cryptocurrency began uptrending hard, even last night trending on Twitter after pushing beyond $40,000 per BTC. And while it had been performing well on Google Trends, recently, the trend has begun to turn down.

bitcoin google trends

The Google search trend has turned down, will price follow? | Source: Google Trends

Is Google Trends a “poor man’s sentiment indicator” as one chartered financial analyst and crypto investment manager claims?

Could Waning Google Search Interest Be A Sign A Correction Is Coming To Crypto?

Timothy Peterson of Cane Island Global Macro believes that with the trend breaking down on Google Trends, the price of Bitcoin will soon follow.

The cryptocurrency has been on its second strongest uptrend historically, easily crushing 2017 that put the asset on the map in the first place.

bitcoin google trends

Bitcoin reached over $40,000 yesterday | Source: BTCUSD on TradingView.com

The latest rally has the potential to eclipse what 2017 was capable of, and has already doubled its former all-time high set that year. Even if the short-term trend does break down, the long-term trend still points upward.

There also could be more to the Google Trends breakdown that Peterson recognizes. Using Google as a barometer of sentiment will become less and less effective over time. Why? Because as more and more people know exactly what Bitcoin is and what it means, there’s less need to search for information on it.

RELATED READING | BITCOIN GOES PARABOLIC ON GOOGLE TRENDS, JUST AS PRICE EXPLODES

Because people no longer search for terms like “how to send email” doesn’t mean that email is suddenly dead. At some point, technology and the search to learn new information about the technology diverge and never look back.

At that point, the technology will have reached widespread enough adoption to have long-term staying power. Is that where Bitcoin is now, or are things about to turn down?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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