Unsurprisingly the peaks in searches coincide with the two peaks in BTC price, the first in December 2017 and the second in June 2019. Since the beginning of this year searches have increased by around 37% globally. It does appear though that people start searching for bitcoin after the asset has peaked though not many can reliably predict where that top will be. What is more interesting, but again predictable, is that Google searches for ‘bitcoin halving’ has shown an even steeper rise as the event approaches. ‘bitcoin halving’ searches – Google Trends The event is now only 90 days away and sentiment has turned bullish following the asset’s recent gains. Many are predicting a five figure halving and a huge rally the following year. Search patterns may indicate general interest and whether there is likely to be a huge fear of missing out from the masses. This could have the effect of pushing prices even higher as it did during that epic surge in December 2017. Ethereum Searches Up Ethereum, which has had a huge seven week green run, has also experienced a sharp uptick in searches this month as prices have topped $200 and hit a six month high. The increase really began at the beginning of this month as prices moved off the long term support level and surged towards $230 over the past week. ‘ethereum’ searches – Google Trends Other generic search terms such as ‘crypto’ or ‘cryptocurrency’ are relatively flat suggesting that people are searching for specific coins and tokens. There was a little spike for XRP searches last week when it was moving but it has since declined. Are Google searches a good indicator of market sentiment? Add your comments below. The post appeared first on Bitcoinist.com.
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