A Ridiculously Bullish Chart, Bitcoin Google Search Interest Rise to Mid-2017 Level
- Now more people searching for “Bitcoin” than during the Bitcoin bubble of 2013
- Once FOMO hits $10k, $40,000 would be achieved in no time
- “Striking similarity” in Bitcoin price action between 2011-2015 and 2015-2019
- Over the Next 24-Months, Bitcoin Price to follow late 2017’s great high
Alistair Milne, the CIO of Atlanta Digital Currency Fund took to Twitter to share what he calls a “ridiculously bullish chart” that shows Bitcoin interest on Google searches rising to great levels since it was created.
As Bitcoin price turns bullish, climbing to $9,100 level in May, the interest in Bitcoin has risen as seen in google trends. The year-over-year google trends data for the leading cryptocurrency has risen for the first time in 12 months.
There are now more people searching for “Bitcoin” than during the Bitcoin bubble of 2013. Additionally, since the world’s leading cryptocurrency was created – on a log scale – the interest in Bitcoin has also risen and gone to the level that hasn’t seen since mid-2017.
If you want a ridiculously bullish chart, here's one showing Google searches for "btc" since Bitcoin was created (on a log scale)
Search interest hasn't been so high since mid-2017 pic.twitter.com/O8Xc0lPJ48
— Alistair Milne (@alistairmilne) June 8, 2019
Per the chart shared by Milne, the interesting aspect is the fact that event at the lowest point in 2018, we were above the early 2017 levels. The Bitcoin search levels of Bitcoin on log scale remains above 10 since first hitting that in January 2017.
This shows that as Bitcoin price makes upward moves, people’s interest in the world’s top cryptocurrency also rises. Talking about the price, currently, BTC/USD is trading at $7,745 with 24 hours loss of about 2 percent.
Once FOMO Comes, BTC would Hit $40,000 in No Time
In the short term, this month which started at a red note could see more losses, if history is any indication and if June closes in red, July will follow with reds after all. Analyst, Cane Island crypto, shares this interesting observation on Twitter.
#Bitcoin through the years.
1) July and August are historically bad months for $BTC
2) However, June's momentum carries into July 75% of the time.
3) If June is negative, the following July has ALWAYS been negative. pic.twitter.com/1uAEbw2XI5
— Timothy Peterson (@nsquaredcrypto) June 7, 2019
“If bitcoin somehow manages to get to [$10,000], it’s very likely going to make a run to $40,000 within five months,” said Lee in an interview with Binance CFO Wei Zhou.
According to him, once we get to $10,000, every institution will realize we are going back to the ATH. As for the Wall Street, he says:
“if there’s a known asset class and they believe they can have an edge, they’re going to be quite interested in investing in it.” And this will be the right “tipping point,” said Lee.
Over the Next 24-Months, Bitcoin Price to follow late 2017’s Extreme high
Analyst at Canaccord Genuity also sees the history repeating as in their research note, they predicted the return of Bitcoin’s 2017’s stratospheric high over the next 24 months.
In its note, the firm noted the “striking similarity” in Bitcoin price action between 2011-2015 and 2015-2019. Bitcoin actually operates on a sort of four-year cycle as the reward halving occurs about every four years, they observed.
“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”
It also notes how 7 million bitcoins that haven’t been active for about six months is now back to trading. The increasing interest from Wall Street in terms of Fidelity Digital Assets, Grayscale’s “Drop Gold” campaign and corporate initiatives from the likes of Nike, Facebook, and others are also noted by the authors.
“In any event, bitcoin is so far one of the best-performing assets of 2019,” wrote the firm.
Bitcoin’s price is $57,179.63 BTC/USD exchange rate today. The real-time BTC market cap of $1.07 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $21.63 Billion and live coin value change of BTC -0.87 in the last 24 hours.