GOOGLE TRENDS INDICATES THE WORST IS OVER FOR BITCOIN
Stock “Market Maven,” CEO, and author Clem Chambers believes Google Trends statistics for the search term “Bitcoin” are telling us that the worst is over for Bitcoin investors. But, that’s no good if you are waiting for the new low before you buy. Chambers, recently writing for Forbes, gathered some interesting statistics from Google Trends. Searches for “Bitcoin,” compared to “Trump,” or “Taylor Swift,” are significantly higher. Chambers says:“Bitcoin has massive brand clout. For whatever reason, the world is fascinated by it.” Chambers notes that interest in the stock market rises when stock prices slump, but the reverse is true for Bitcoin. If Bitcoin price rises, so do search volumes.“This suggests to me that stocks are driven by fear and crypto by greed, a tantalizing idea in its own right.”Search volume for “Bitcoin” peaked in tandem with the cryptocurrency’s market peak. A closer look at the last four months show some recent peaks which appear to correlate with Bitcoin price increases. There is an uptick, so Chambers could be onto something. Although others might wait to see a more definite upwards trend.