The Cryptocurrency market has seen quite a bloody market in the last few weeks with Bitcoin losing over 70% of its value since September 2017. This makes the bear market one of the worst in the history of cryptocurrencies.
As speculated, google search trends for Bitcoin has seen a major surge during the period of the bear market, reaching about the same level as the last reported high of April 2018 and Bitcoin saw a significant appreciation from $7,000 to $10,000.
The market though started recovering two days ago with the most significant recovery showing up yesterday 28 November 2018 in which all the top cryptocurrencies gained significantly and have been in the greens since then. Bitcoin search volume has also maintained a steady growth amidst the market recovery.
Google search trends have historically been used as determinants of the future of the asset. For instance just before the current market crash, the Google search for Bitcoin significantly reduced, so the current hike in the search volume may be suggesting a coming boom for its market just like many are expecting. This may also be suggesting that there us a growing interest in Bitcoin that will attract investors to the market and thus lead to another phase of growth.
Meanwhile “Wolf of my Street”, an equities trader and investor has said on Twitter that the cryptocurrency market will experience a “definitive” bullish trend if BTC breaks through $5,048.24. BTC is continuing to surge today reaching a price of up to $4,400 and may continue the trend for the rest of the day.
Infact, only Bitcoin Cash (BCH) is in the reds among the top ten cryptocurrencies today. The asset has been struggling since yesterday seeing a lower gain than other top cryptocurrencies, probably due to competition from its SV fork.
The crypto community however seems really impressed with the current market trend and will be looking forward to a better move. It will be interesting to see what happens by the end of today and the rest of the week.
Many analysts and experts such as Tom Lee and McAfee have made bullish predictions concerning the end of year price while Nouriel Roubini has said Bitcoin will not recover. The next few days will be an important defining moment that will determine if the end of year predictions will come true or the asset will crash to zero like Roubini said.