The post Bitcoin (BTC) Bull or Bear Market? Google Trends May Hold the Hints appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) bounced from recent lows under $68,000, as the markets breathed a sigh of relief. Short-term demand was strong during the recent dip. The question remains whether the bull market will retain its momentum and reach new highs.  Google Trends can help us understand global interest, distribution, and popular Bitcoin topics. A shift in demand may arrive as BTC stalled again under $70,000, erasing the gains from the most recent breakout above $71,000. Peak search counts, however, are not an indicator of an upcoming bull market. Rather, they may indicate the blow-off top when media attention is the highest, but a correction is just around the corner. Bull rallies often happen as a breakout after a relatively low but sustained interest in a narrative.  Bitcoin Searches Peak Coincides with Record Prices Bitcoin searches tend to be a lagging indicator. During the 2024 bull market, the “bitcoin” search term peaked in March. In May, search volumes for the same term are down by 50%, yet at a higher baseline than the bear market.  Retail buying for Bitcoin is still happening, but this time, it is not mass adoption but whales that may be driving the trends. At the end of March, Google search results indicated a market peak. Soon after, the price correction depressed, and the search trends were in a lower baseline.  🔎 Google searches for Bitcoin and crypto are clearly at bull market levels, though far from peak, blow-off top mania. Retail is here, and all the hype is in meme coins, while Bitcoin continues its steady climb higher. pic.twitter.com/IxnDgreSjj — BRC20 Club (@BRC_20Club) April 11, 2024 A subtle difference also reveals that Bitcoin audiences may be diverging. While web and news searches for the term have fallen lower, YouTube searches continue at a higher baseline. The message…

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Filed under: News - @ May 29, 2024 10:24 am