Last night, the number of searches for the word Bitcoin in the Google search engine almost doubled. It should be noted that analysts revealed the following regularity: the current price of Bitcoin has a correlation of 91% with the volume of Google requests related to this cryptocurrency, therefore, based on the growth in the number of search requests, it is possible to make predictions about the change in the cryptocurrency price.
In just a year, users made around 51.4 million Google queries, mentioning Bitcoin. The Bitcoin price rose and fell together with the number of searches with such words and phrases as “Bitcoin”, “Bitcoin price” and “Bitcoin value”. In 2017, Bitcoin price reached a record high in mid-December, a mark of 20,000 US dollars, and the number of searches for Bitcoin also peaked at the same time.
It is noteworthy that the data of last January assumed a sudden and rapid growth. The forecast turned out to be correct, albeit a short lull in the first few months (similar to what we see now). According to analysts of search queries, we see a repeat pattern of last year’s trend. Thus, if we draw a parallel between the price of the cryptocurrency and the level of public interest in cryptocurrencies, which is determined by the number of search requests, then we can conclude that the cryptocurrency price will go up in the near future.
In general, the number of searches for Bitcoin cryptocurrency decreased this year by 75% compared to last year. Google recorded the biggest surge of international interest in cryptocurrency for the entire period of their existence in the second half of 2017.