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Google Trends Suggests Bitcoin Price to Soon Explode
Since Bitcoin (BTC) investors got a taste of parabolic price action in early 2019, during which BTC surged from the low-$3,000s to $14,000 in a few weeks’ time, they have been craving more.
According to a Google Trends analysis, another parabolic rally is about to form in the Cryptocurrency market again.
Considering historical rallies, this next bull market could bring Bitcoin above $100,000, some analysts have suggested. Cryptocurrency analyst Cryptokea recently noted that the worldwide Google Trends, for the search term “Buy Bitcoin” have recently hit a seven-month high – the highest since June 2019.
In other Crypto news today:
A popular crypto strategist, who says Bitcoin will likely hit $50,000 to $100,000 by 2021 is analyzing the risk of a “death spiral” that could thwart his prediction.
The anonymous analyst known as PlanB is pondering whether the upcoming halving – which will slash the amount of BTC miners earn for processing transactions in half – will convince miners to switch off their rigs en masse.
The scenario could, in theory, start a so-called miner death spiral that increases Bitcoin confirmation times, lowers confidence in the network, and drags down the price of the leading cryptocurrency.
PlanB says he believes the risk of a death spiral is “effectively zero” due to a built-in feature on the Bitcoin network that automatically adjusts how much computing power is required to process transactions.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
新年快乐 The year of the rat starts this weekend. Time for #Bitcoin volatility and volumes to nose dive.
— Arthur Hayes (@CryptoHayes) January 23, 2020
IMO co-integration between #bitcoin price & stock-to-flow means all network effects march lockstep: Investors, Speculators, Merchants, Consumers, Miners and Developers together … demand & supply, like clockwork! pic.twitter.com/7Ozq2Y9eVd
— PlanB (@100trillionUSD) January 5, 2020
Do you think May 2020 #bitcoin halving of miner reward will cause a mining death spiral or miner capitulation?
— PlanB (@100trillionUSD) January 22, 2020
1/ Googling for “Buy Bitcoin” just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:Nov ’13 (bull top),May ’17 (price on parabolic run-up),Jun ’19 (medium-term top)
>Feb ’20 (price on parabolic run-up?) pic.twitter.com/tkdXIEvM3Q
— CryptoKea (@CryptoKea) January 20, 2020
Key Google Metric: Bitcoin May Explode Into $100,000 Parabolic Rally