Google searches for Keyword Bitcoin It crashed, indicating a lack of interest among Internet users in the main cryptocurrency. but, Cryptoanalyst Ali Martinez He stated that this is bullish for the Bitcoin price.
Why is the collapse in Google searches for Bitcoin bullish?
In X’s post, Martinez revealed that no one was looking for him Bitcoin (BTC) According to Google trends. He added that this is bullish, which means this is a good thing for Bitcoin price. Typically, an increase in searches for the keyword BTC indicates high interest among retail investors.
However, the lack of interest based on Google trends suggests that retail investors have not yet come en masse to the cryptocurrency space That’s bull run. Therefore, it is bullish, as there is still more room for Bitcoin and other cryptocurrencies to surge to the upside after the influx of these retail investors.
the Santiment on-chain analytics platform It also provided insight into why disinterest in Bitcoin is typically bullish. They suggested that the major cryptocurrency is likely to reach a new high All time high (ATH) When expectations are low, or when 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 has historically moved against public expectations. This essentially means that Bitcoin is most bullish when market participants and even non-crypto citizens are bearish.
Santiment reiterated this position in a more recent X post. The platform stated that public sentiment towards Bitcoin was particularly bullish, indicating great potential for the cryptocurrency markets. with BTC fell below $65,000 On September 30, they expect there will be some panic selling. Santiment added that if FOMO turns into FUD, the bull market will quickly resume.
How could BTC price move in the coming weeks?
Martinez also provided insights into what to expect from Bitcoin price In the coming weeks. He claimed that the best thing would be for the flagship cryptocurrency to fall to $60,000, then rise to $66,000, then come back to $57,000, and then finally shoot higher. New ATH for $78,000.
The analyst has once again alluded to this price hypothesis in a recent X post, suggesting that he is confident this will happen. but, Historical trends It suggests that BTC may reach a new ATH this month. October is one of the best months for Bitcoin, with the leading cryptocurrency posting double-digit monthly returns most of the time. Therefore, the cryptocurrency could reach new highs such as “Uptober” pool. It starts.
At the time of writing, Bitcoin is trading at around $63,800, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com