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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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