Bitcoin (BTC) is the least popular among Google users since last year, if history repeats itself, BTC/USD will claim $10,000.
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According to Google Trends data, worldwide interest in the term „Bitcoin Rush“ is now at its lowest point since December 2019.
Bitcoin interest reaches 7-month low
Over the past seven months, price volatility has led to occasional bouts of curiosity at Bitcoin, but these have simply punctuated a general downward trend.
As of July 20, interest was firmly at multi-month lows on Google’s standardized scale of 1 to 100 – to 45, „Bitcoin“ was challenging its reading of 41 in the week of December 29.
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What happened after the previous floor is conspicuous. After languishing around $7,200 during the new year, the BTC/USD began a rapid climb to highs of over $10,300.
That price increase caused a modest rise in search interest to 62, but it was the fall of the coronavirus in March that formed the most prominent event among Google searches. May’s halving produced similar effects.
12-month Google search interest in „Bitcoin
Analysts get a taste for $10,000
Google thus joins a growing number of indicators that suggest that Bitcoin price volatility is coming.
As Cointelegraph reported this week, the low volume is also contributing to the feeling that current conditions cannot last much longer.
Americans are Googleing „Bitcoin“ in the middle of the night
The realized volatility reached its lowest point in three years in the ten-day and thirty-day periods of this month.
„The $9,200 resistance was broken early today, which immediately led to an increase in the $9,400 resistance zone,“ Cointelegraph Markets analyst Michaël van de Poppe said in his analysis on Tuesday.
Bitcoin volatility is at its lowest level since 2018, but is a repeat of the 42 percent decline possible?
He added that for a real increase to occur, however, the highest resistance levels would have to be conquered first, these are above the $10,000 level which the BTC/USD could, however, soon break.