Market Maven president Clem Chambers claims that Google Trends statistics confirms the end of the black line for cryptocurrency investors.
Recently, Chambers prepared for Forbes interesting statistics based on Google Trends data. It turns out that the queries for the keyword Bitcoin are used much more frequently than requests such as ‘Trump’ or ‘Taylor Swift’.
"Bitcoin is wildly popular. For some reason, people around the world are extremely passionate about them ", says Chambers.
Chambers also noted that with the fall in stock prices, interest in the stock market is increasing, while for Bitcoin, the opposite is true. If the price of the cryptocurrency is growing, so is the number of search requests. Chambers notes:
"This led me to the conclusion that fear is the motivation for stocks, and greed for cryptocurrency."
The number of searches on demand "Bitcoin" peaked at the peak of the price of the cryptocurrency. A closer look at the search trends over the past four months shows some recent peaks that seem to correlate with the rise in Bitcoin prices.
It is worth noting that Google does provide specific metrics for the number of requests. For example, "100" indicates the highest popularity of this query, and "50" indicates that this word was searched twice as often as at the peak of its popularity.
According to Chambers, this statistic confirms the end of the black line for Bitcoin investors. He himself has already invested in the cryptocurrency, but he is waiting for the price reduction to invest even more money:
"As for me, I still hope for the possibility of buying below $ 5,000."
For those who have already invested in Bitcoin, and especially for those who bought it at the peak of prices in late 2017, the black bar seems to have ended. However, apparently, we should not expect sharp positive changes in the price trend of Bitcoin. On weekend, the price of the cryptocurrency again went down and the "bears" once again stood at the helm, which allows to predict a price reduction in the near future.
Based on the data of Google Trends, experts of the cryptocurrency industry have made interesting conclusions more than once. At the beginning of this year, the number of search queries "Bitcoin" and "Etherium" in Google has significantly decreased - by 75% (from 100 to 25 points). In the autumn of last year, the number of requests to "buy Bitcoin" exceeded the requested index "buy gold". The search for the phrase "buy Bitcoin" reached 100 points out of 100, while a similar request to "buy gold" remained at 74 points.