I know it, we know the news is full of it: Bitcoin has broken its all-time high.
In this sense: Hooray! And here once again the chart, because it was so beautiful.
Now naturally the question arises whether this is only the beginning of the journey and if so, where this journey goes. You probably want an answer from me now? I must disappoint you. I leave the handling of the glass ball to others, I'm more the sober type, who lets myself be surprised.
And yet I wonder if there are any indicators that I can look at in relation to the Bitcoin course. And who would have thought it, Google, which is hated by everyone and yet used by everyone, offers an entry point here.
We are talking about Google trends.
I remember that in 2017 there was a very strong correlation between the Google trends of Bitcoin and the Bitcoin price. In a nutshell, you could almost say that Google trends have represented the chart one to one. You could have placed the two charts on top of each other and there would have been very little deviation visible.
But what is the situation in 2020?
Take a look at this chart and compare it with the price attached above. Also look at the year-end high for 2017 and so far we have not come anywhere near previous highs in terms of trends.
What does this mean for me?
The euphoria in the market is nowhere near as great as it was at the end of 2017. We see only a fraction of the interest based on these Google trends. And that in turn is a good sign for me. And in that this journey is only just beginning, as I mentioned at the beginning.
While you're at it, let's check out the keyword cryptocurrency:
We see a similar pattern. The trends aren't anywhere near the level they were the last time Bitcoin reached its old ATH.
And last but not least, don't take it too seriously and yet funny: LeoFinance appears for the first time, even if only very sporadically, in the Google trends. But see for yourself:
It would be nice if a real chart would be visible in a year or so.
I think this insight might be interesting for some of you here. Feel free to leave me a comment under this post! Even though I don't have much voting power yet, you are guaranteed a vote and interaction.
What do you recommend to new users?
No more BAT for you my friend :(
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