As last week drew to a close, Bitcoin was in free fall. It had managed to spike back up to over $10,000 on the news that China was once again quite interested in the underlying technology, but when the nation decided to crack down again, things took a downward turn.
The major cryptocurrency then reached six-months lows as the price fell to around $6,500. This price fall was something different though, it had the hallmarks of a FUD-sell off after the rumors Binance was raided in Shanghai, but it did not affect the miners or even the interest.
At the time when Bitcoin was falling towards its new bottom, there was an interesting google trend developing. Most of the time, when the price of Bitcoin is in a bullish run, it can be correlated to the search for the term Bitcoin on Google.
The more the price rises, the more searches there are on google, and this, in turn, helps boost the interest in the coin, and its price once again. However, when Bitcoin is tumbling, interest usually wanes quite quickly from speculative investors, and the Google searches are a lot lower.
This recent price fall saw it differently. Looking at the Google trends, through the week when Bitcoin was dipping, there was an increase in the search for the term. The data from the beginning of this week shows the term “Bitcoin” is at its highest search ranking since late October, when BTC traded at close to $10,000.
The main areas of interest still predominantly come from African countries, with a few European ones thrown in for good measure, but what could possibly be drawn from this notable reverse correlation is that Bitcoin was soon to rebound.
And rebound it did, by almost $1,000 to help it not only break the downward spiral that appeared to be turning the whole market bearish but to actually help it climb back up to a respectable level. The reprieve seen in the market has indeed helped many see a positive side to the falling market, but it may well have been predictable based on the continued interest on Google.
Perhaps, with the talk of Bitcoin halving also heavily searched, many investors are seeing lows in the markets as good times to buy with the anticipation being that there might not be such lows seen after the mining rewards are cut.