Bitcoin Search Rises, But it Does not Coincide With The Buying Sentiment of Recent BTC Price Rally
Bitcoin prices have continued to rise throughout 2019 and it had followed many parallels with the 2017 all-time high price rise. Be it parabolic price charts or rising hashrates, most of the parameter suggests that Bitcoin would witness another significant bull run, the only question is how soon it can do so.
However there is one aspect which is deviating from the 2017 storyline, i.e the rising prices of Bitcoin are not coinciding with the interest of people towards Bitcoin. Earlier people believed there is an uncanny correlation between the interest of people searching about Bitcoin, and the rise in prices of the digital currency. So what could be different this time around?
Is that the number of people interested in Bitcoin already knows much more about it than 2017, or is it that the high volatility rates have become a cause of worry for investors again? There are many if and buts involved, but one thing is certain that the general public today is more informed on Bitcoin and understand it better than 2 years ago.
Bearish Investors Waiting For the Dip
One theory suggests that many of the new investors are quite bearish in terms of investment, especially after the 2018's longest crypto winter, which took the prices of Bitcoin from near $20k mark to around $3100 at the start of 2019. These investors were hoping for another dip in prices and hoping that it would go near $1,000 mark before rising up. However as has been the case of with the majority of price predictions about crypto, the dip never came.
The prices started to show double-digit gains in a single day and have already risen more than 250% from the start of the year. There have been market pullbacks and price dips on several occasions but never to the extent where it convinced the bearish investors to invest.
The most significant dip in prices came right after Bitcoin peaked at around $13,700 mark which was followed by a 30% dip. The prices of Bitcoin went below $10k mark, but instead of making an investment, these investors were convinced that the prices will slide further down and only stop at around $6k mark.
Alas! that dip never came, as Bitcoin gradually climbed above $11k mark in a couple of days. Historically a major dip of around 30% has been followed by a price jump of more than 150%.
The FOMO Will Inflate The Prices of Bitcoin Further
Although the rising prices of Bitcoin do not seem to put an impact on the sentiment and interest of people, many analysts believe that these investors will be the cause of price rise themselves, when the bulls arrive.
The bulls would trigger the Fear of Missing Out (FOMO) and they would have no other option to buy Bitcoin at a much higher price than they have predicted as the prices might become unaffordable for many.
It is interesting to note the gradual change in sentiments of the masses towards Bitcoin. However, many would like to figure out what caused this sudden change in behavior.