Google searches for bitcoin keyword have crashed, indicating a lack of interest among internet users in the flagship cryptocurrency. However, crypto analyst Ali Martínez has stated that this is bullish for the price of bitcoin.
Why the drop in bitcoin searches on Google is bullish
In a publication by x, Martínez revealed that no one is looking for him bitcoin (btc) according to Google trends. He added that this is bullish, meaning it is a good thing for the btc price. Typically, an increase in searches for the btc keyword indicates massive interest among retail investors.
However, the lack of interest based on Google trends indicates that retail investors have yet to enter the crypto space en masse to this lockdown. Therefore, it is bullish as there is still more room for bitcoin and other cryptocurrencies to rally higher following an influx of these retail investors.
He bitcoin-cryptos-top-leading-indicators-santiment/” rel=”nofollow noopener” target=”_blank”>Santiment chain analysis platform He also provided insight into why the lack of interest in bitcoin is typically bullish. They suggested that the flagship cryptocurrency will likely reach a new all-time high (ATH) when expectations are low or there is a lack of interest among cryptocurrency enthusiasts.
The platform revealed that there are currently 1.8 bullish posts towards btc for every bearish post. According to Santiment, the market historically moves against crowd expectations. This basically means that bitcoin turns out to be most bullish when market participants and even non-crypto natives are bearish.
Santiment reaffirmed this position in a more recent x post. The platform stated that the crowd sentiment towards bitcoin had been particularly optimistic, indicating a high probability for the crypto markets. With btc retreating below $65,000 On September 30, they expect some panic selling to occur. Santiment added that if FOMO turns to FUD, the bull market will quickly resume.
How the btc price could move in the coming weeks
Martínez has also provided information on what to expect from the bitcoin price in the coming weeks. He stated that it would be best if the flagship cryptocurrency fell to $60,000, rebounded to $66,000, retreated to $57,000, and finally reached a bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst/” rel=”nofollow noopener” target=”_blank”>new ATH at $78,000.
The analyst alluded to this pricing thesis again in a recent x post, suggesting he is confident this will happen. However, historical trends indicate that btc could reach a new ATH this month. October is one of bitcoin's best months, with the flagship cryptocurrency posting double-digit monthly returns most of the time. Therefore, the cryptocurrency could reach new highs as 'uptober' demonstration starts.
At the time of writing, bitcoin is trading at around $63,800, down in the last 24 hours, according to bitcoin/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
