Despite Bitcoin Price Surging, Google Search Volume Is Trending Down

Tony "The Bull" Severino

5 years ago

2 mins read

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During the crypto hype bubble that rocketed Bitcoin and Ethereum into the public eye, making them household names and causing their values to reach all-time highs, the surge in prices was accompanied by a surge in search interest of people scrambling to find out what all the fuss was about, and to learn more about the emerging asset class.

But with this latest rally, many cryptocurrencies are up over 250% in the last 30 days, with even Bitcoin surging to local highs after an extended downtrend may have come to an end. However, unlike previous rallies, the rise in prices isn’t being followed by a rise in Google Search volume. Trading volumes also haven’t seen an uptick, causing many top crypto analysts to question if this recent rally really is a reversal out of the bear market.

Lagging Google Search Volumes Suggests Bitcoin Reversal Won’t Stick

If you’ve at all been following crypto for the last few years, then you no doubt recall the FOMO effect that swept the mainstream public, fueled by a media frenzy and Bitcoin’s meteoric rise to $20,000.

As people first heard of Bitcoin and crypto, the flocked to Google to learn more about the emerging asset class and disruptive financial technologies. Google Search volume for Bitcoin price spiked, reaching an all-time high right alongside the asset’s price in late 2017.

However, as search interest and volumes peaked, so did prices, causing the leading cryptocurrency by market cap to fall into a two-year-long bear market and a downtrend that saw losses of as much as 85% at the low. Other crypto assets across the altcoin space, suffered even greater losses of 99% at extremes.

But this week, the crypto market has lit up once again, witnessing gains of a few hundred percent in some cases, reviving memories of the bull run that once was and causing deja vu in those that lived it.

https://t.co/JhMTlE2zA1: Google Trend for "Bitcoin" search…not even a blip up but rather DOWN!

IF this was the reversal, shouldn't there at least be an uptick? pic.twitter.com/kPlaCna5kR

— Haejin (@Haejin_Crypto) January 15, 2020

Even though prices are skyrocketing once again, and the crypto community is convinced we’re watching the beginning of a larger trend reversal, Google Search volume has not only not yet started to trend upward, it’s actually trending down, suggesting even fewer people are interested in Bitcoin currently

The same analyst who called attention to Google Search volume also is leery about the entire rally and claims that lesser rallies over the last few months experienced more trading volume, suggesting that this isn’t the reversal the crypto market has been waiting for.

https://t.co/JhMTlE2zA1: Mama & Papa made Big Johnny fractal!

Note how Mama & Papa fractals targeted below the origin of the upward wedge.

How is it that both Mama & Papa fractals' volume is higher than Big Johnny's if he represents the "bottom" reversal? pic.twitter.com/XV3eJqKHD2

— Haejin (@Haejin_Crypto) January 16, 2020

Instead, the respected analyst believes that the current price action is a fractal of previous, smaller ascending wedges that not only had more volume within them but ultimately broke down sending Bitcoin price back down to test lows.

Should the latest structure break down from here, the rally would be coming to an abrupt end, and hopes of a reversal could be shattered.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.