The Bitcoin price is stuck at its current levels as bulls and bears battle for control. The number one cryptocurrency by market cap has seen some gains in recent weeks, but overall volatility has subsided, leading to the current dynamics.
As of this writing, Bitcoin is trading at $30,500 with sideways movement in the last 24 hours. Over the past week, the cryptocurrency posted a 2% loss, while the rest of the sector follows suit and posts steeper losses.
The BTC price is trending higher on the daily chart. Source: BTCUSDT Tradingview
Does Google Metric suggest gains for Bitcoin?
According to analyst Dylan LeClair, Google searches for the price of Bitcoin have refused since 2023. The graph below shows that searches for this keyword have decreased since 2021.
At the time, BTC was in a bull run and managed to rally as high as $69,000 from a low of $3,000 last seen in March 2020. In that sense, Google Bitcoin Price searches work as a proxy to gauge interest. in cryptocurrency.
The interest of the mainstream media and non-crypto investors follows the price of the cryptocurrency. The higher the interest that the chart suggests, the higher the price.
Conversely, interest decreases as the price of the cryptocurrency falls. Historical interest in the keyword “Bitcoin price” on Google has fluctuated upwards, as the chart below shows.
In the 2017 to 2018 bull run, monthly searches for this keyword increased to unprecedented levels, but the percentile has been steadily down since 2019 before BTC can resume its bullish momentum.
Bitcoin price Google searches are declining since 2022. Source: Dylan LeClair via Twitter
In other words, since 2017, BTC only enters a bullish phase when interest falls to a certain point; the metric is close to those levels. LeClair stated the following by noting:
Bitcoin price vs. Google search interest. The bottom panel shows the ratio of the two ($BTC price/search interest percentile). Notice how the price relative to media hype and search interest is up and to the right? Think about it…
On when BTC could break out of its current price action, NewsBTC analyst and editorial director Tony Spilotro pointed to Bollinger Bands. An indicator that measures potential spikes in volatility and price action.
Spilotro declared while exchange the chart below:
Bitcoin Bollinger Bands are the tightest for the day since early 2023. The last time they were this tight we were up 40%. Another 40% higher from here would be $42,000.
Bitcoin Bollinger Bands hint at a possible increase in volatility soon. Source: Tony Spilotro via Twitter
Unsplash cover image, Tradingview chart
This post Bitcoin search interest on Google is at a critical level, which this forecast for BTC
was published first on https://www.newsbtc.com/bitcoin-news/bitcoin-google-search-interest-stands-at-critical-level-what-this-forecast-for-btc/