According to Google’s trend explorer, the weekly number of searches for the keyword “bitcoin” has risen sharply over the past week. For now, “Bitcoin” ranks the highest search request spot since late October, when BTC/USD traded at $10,000.
Africa, Nigeria, South Africa and Ghana are three main sources of Bitcoin-related searches. Switzerland and Austria are referred the top five.
“Bitcoin halving” is likewise in the spotlight once again since its October highs. Scheduled for May 2020, Bitcoin halving considered as a catalyst for markets. Many of analysts are predicting a new parabolic bullish phase started after the halving.
Since the beginning of last week, BTC/USD has slumped 20%, while monthly losses now total around 30%. According to statistician Willy Woo, volatile behavior is set to continue as the halving approaches. Unlike the previous two halving events, he noted, 2020 is special, with Bitcoin approaching from a bearish perspective.
According to a study by SEMrush, the current price of bitcoin has a 91% correlation with the volume of Google search requests for bitcoin-related terms. As bitcoin becomes more expensive, and thus more exciting, more people search online to find out how it is doing.
Periods of abnormally high search volume tend to act as a warning sign that bitcoin is in a bubble and may soon experience a pullback in price.While periods of low ‘bitcoin’ search volume have historically shown to be the points of maximum financial opportunity.