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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Google Search Interest Stands At Critical Level, What This Forecast For BTC

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 8:07 am
2 mins read
Bitcoin BTC BTCUSDT

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The price of Bitcoin is stuck at its current levels as bulls and bears fight for control. The number one cryptocurrency by market cap experienced some gains in the past weeks, but volatility across the board declined, leading to the current dynamic.

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As of this writing, Bitcoin trades at $30,500 with sideways movement in the last 24 hours. Over the past week, the cryptocurrency has recorded a 2% loss while the rest of the sector follows and records steeper losses.

Bitcoin BTC BTCUSDT Chart 1
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT Tradingview

Google Metric Hints At Profits For Bitcoin?

According to analyst Dylan LeClair, Google searches for Bitcoin Price have declined since 2023. The chart below shows that searches for this keyword decreased since 2021.

At that time, BTC was on a bull run and managed to climb as high as $69,000 from a $3,000 low last seen in March 2020. In that sense, Google searches for Bitcoin Price operate as a proxy to gauge interest in the cryptocurrency.

Interest from mainstream media and non-crypto investors follows the price of the cryptocurrency. The higher the interest the chart hints at, the higher the price.

Conversely, interest declines as the price of the cryptocurrency declines. Historical interest in the keyword “Bitcoin price” on Google has fluctuated to the upside, as the chart below shows.

In the 2017 to 2018 bull run, the monthly searches for this keyword rose to unprecedented levels, but the percentile has been consistent on the downside since 2019 before BTC can resume its bullish momentum.

Bitcoin BTC BTCUSDT Chart 2
Bitcoin Price Google Searches are declining since 2022. Source: Dylan LeClair via Twitter

In other words, since 2017, BTC only enters a bull-run phase when interest declines to a certain point; the metric is close to those levels. LeClair stated the following while pointing out:

Bitcoin price vs. Google Search Interest. The bottom pane shows the ratio of the two ( $BTC price / search interest percentile). Notice how price relative to media hype & search interest is up and to the right? Think about it…

On when BTC could break its current price action, analyst and NewsBTC Editorial Director Tony Spilotro pointed at the Bollinger Bands. An indicator that gauges potential spikes in volatility and price action.

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Spilotro stated while sharing the chart below:

Bitcoin Bollinger Bands are the tightest on the daily since the start of 2023. The last time they were this tight we had a 40% up move. Another 40% higher from here would be $42,000.

Bitcoin BTC BTCUSDT Chart 3
Bitcoin Bollinger Bands hint at a potential spike in volatility soon. Source: Tony Spilotro via Twitter

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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