Bitcoin price is stuck at current levels as bulls and bears fight for control. The number one cryptocurrency by market capitalization has made some gains in recent weeks, but volatility across the board has subsided, leading to the current dynamics.
At the time of writing, Bitcoin is trading at $30,500 with sideways movement over the past 24 hours. Over the past week, the cryptocurrency has posted a 2% loss, with the rest of the industry following suit, posting bigger losses.
Google Metric Hints at Profit for Bitcoin?
According to analyst Dylan LeClair, Google searched for Bitcoin Price turned down since 2023. The graph below shows that searches for this keyword have declined since 2021.
At the time, BTC was in a bull run, managing to climb as high as $69,000 from a low of $3,000 last seen in March 2020. In that sense, Google is working towards Bitcoin Price as a proxy to boost interest in the to gauge cryptocurrency.
Interest from mainstream media and non-crypto investors is following the price of the cryptocurrency. The higher the interest rate the chart refers to, the higher the price.
Conversely, as the price of the cryptocurrency falls, interest rates fall. Historical interest in the keyword “Bitcoin price” on Google fluctuated upwards, as the chart below shows.
In the bull run from 2017 to 2018, monthly searches for this keyword rose to unprecedented levels, but the percentile has been consistently on the downside since 2019 before BTC can resume its bullish momentum.
In other words, since 2017, BTC only enters a bull run phase when interest rates decline to a certain point; the metric is close to those levels. LeClair stated the following while pointing it out:
Bitcoin Price Vs Google Search Interest. The bottom pane shows the ratio of the two ($BTC price / search interest percentile). Notice how price relative to media hype & search interest is up and to the right? Think about it…
The moment BTC could break its current price action, analyst and NewsBTC editorial director Tony Spilotro pointed to the Bollinger Bands. An indicator that measures potential spikes in volatility and price action.
Spilotro said while to share chart below:
Bitcoin Bollinger Bands are the tightest on the daily since early 2023. The last time they were this tight, we had a 40% increase. Another 40% higher from here would be $42,000.
Cover image of Unsplash, chart from Tradingview
