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With Bitcoin’s recent big plunge and its steady recovery just in the last week, investors are literally scratching their heads to how most accurately on how to most accurately predict Bitcoin’s volatile price.
The weirdest theories have been developed as to what really drives Bitcoin’s price. Now, the most widely used search engine in the world, Google, may be one of the propellers of Bitcoin’s skyrocketing price in December, 2017.
For that purpose, Google may be investors’ most reliable option. According to press, Nick Colas of Datatrek Research, a leading Bitcoin analyst, suggested to CNBC that the key to unlocking the upcoming Bitcoin Rally is watching Google search and the subsequent creation of the digital wallet, down in January developments (exchange and wallet, etc.) What that means is that Google’s search for the creation of bitcoin and portfolio for cryptocurrency this month is not comparable to the December results.
Fewer people have been searching bitcoin, and that waning interest is being reflected in the bitcoin price, which is currently trading in the $10,000 – $12,000 range compared to nearly a $20,000 bitcoin price in December. Colas concludes that interest levels as determined by Google searches show definite support for bitcoin’s “breakouts” and “pullbacks”, as reported by Businessdigit.com
While such correlation may be surprising to some, but another analyst has also pointed at the correlation. Chris Burniske, of ARK Invest, previously evoking a BTC / USD exchange rate clearly reflecting Google’s search trends. Burniske called it “a virtuous cycle of Satoshi”, evidence that dates back to at least August 2017. Incidentally, today, a Google search for “bitcoin” has given me 341 million hits. Meanwhile, Colas told CNBC: