2020-1-24 13:00 |
Since Bitcoin 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 again in the cryptocurrency market again. Considering historical rallies, this next bull market could bring BTC above $100,000, some analysts have suggested. Google Trends Suggests Bitcoin to Soon Explode Cryptocurrency analyst Cryptokea recently noted that the worldwide Google Trends, well, trends for the search term “Buy Bitcoin” have recently hit a seven-month high — the highest since June 2019. More specifically, the metric has hit a “10” on a long-term basis, with the metric’s maximum being 100. This may not seem relevant, but Kea notes that each time a “10” reading has been seen for the “Buy Bitcoin” term, the cryptocurrency market always found itself at an essential inflection point. When a “10” was seen in November 2013, it marked a long-term top to a BTC bull market that brought the cryptocurrency from irrelevancy to above $1,000. 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 When a “10” was seen in May 2017, it marked the beginning of an exponential bull run that brought BTC from under $3,000 to $20,000 in around eight months’ time. And when a “10” was seen in June of 2019, it marked the $14,000 local top for Bitcoin. The latest Google Trends “10,” Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the $14,000 high. He added that the “long-term upwards trend” for this metric, which is correlated with growth in the price of Bitcoin, is “undeniable,” pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency. Not Only Massively Bullish Sign It isn’t only the Google Trends data that suggests Bitcoin will soon go parabolic and explode past $10,000, $20,000, and potentially beyond as time elapses. An analyst going by SatoshiWolf recently laid out three macro reasons why BTC is poised to explode higher in the coming year. They are as follows, as reported by this outlet previously: Firstly, the recent price decline that Bitcoin has seen from $14,000 to a low of $6,400 has been marked by decreasing volume, which he claims is “bullish.” Indeed, falling volumes in a downtrend would indicate that the sellers are gradually losing control. Secondly, BTC surged off the key $6,400 macro support level, which has been a level of utmost importance since early-2018, in December on high buying volumes. This indicates bulls are in control. And lastly, the block reward reduction for Bitcoin, which will decrease the inflation rate of the cryptocurrency by half, is on the horizon (May 2020). This event has been found to be correlated with upswings in the market. There’s also a price model from quantitative analyst PlanB which shows that after the halving, the fair value of BTC will rise to $55,000 to $100,000. The model has been backtested to a 95% R squared, which is extremely accurate in statistics terms. Some have been even more optimistic, saying that per previous trends, the next bull run could bring the price of the cryptocurrency to $400,000, equating the market cap of BTC to that of gold. Featured Image from Shutterstock The post appeared first on NewsBTC.
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