Google Trends searches for ‘bitcoin’ hit yearly high
Google Trends data for bitcoin searches looks set to hit a high for 2019. Data for this week is currently incomplete, but shows that search traffic is significantly higher than at any other point in the preceding 12 months – and double what it was just two or three weeks ago.
In the past, Google searches have proven a valuable way to forecast bitcoin’s price trend, as newcomers seek more information and existing members of the crypto community look for news and key developments. An increase in searches generally means price rises are incoming, while a drop-off in searches can be considered more bearish: apathy signals that the market will fall.
Search traffic has been rising over the past six weeks, with April’s sudden rise in the price of bitcoin above $5,000 providing a catalyst for greater interest. Search volumes peaked on 14 May, possibly a result of the major Consensus conference happening in New York at the time.
New and existing users
Increased search traffic for ‘bitcoin’ suggests that new users are coming into the space, looking to find out more about bitcoin. Someone these will ultimately purchase BTC. Higher search volumes are also caused by existing members of the crypto community becoming more active, searching for the latest news and developments.
While no useful data exists for the make-up of the search traffic – newcomers or those from the existing crypto community – Google Search has always proven a reliable indicator of coming price rises.
However, it is worth noting that searches for bitcoin are still just a fraction of what they were at the height of the 2017 bullrun.
This article is not intended to offer trading or investment advice, and is provided for interest only. Bitcoin Bulletin will never tell you what to do with your money.