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Stock âMarket Maven,â CEO, and author Clem Chambers believes Google Trends statistics for the search term âBitcoinâ are telling us that the worst is over for Bitcoin investors. But, thatâs no good if you are waiting for the new low before you buy.
Searching for a Bitcoin Boom
Chambers, recently writing for Forbes, gathered some interesting statistics from Google Trends. Searches for âBitcoin,â compared to âTrump,â or âTaylor Swift,â are significantly higher. Chambers says:
âBitcoin has massive brand clout. For whatever reason, the world is fascinated by it.â
Chambers notes that interest in the stock market rises when stock prices slump, but the reverse is true for Bitcoin. If Bitcoin price rises, so do search volumes.
âThis suggests to me that stocks are driven by fear and crypto by greed, a tantalizing idea in its own right.â
Search volume for âBitcoinâ peaked in tandem with the cryptocurrencyâs market peak. A closer look at the last four months show some recent peaks which appear to correlate with Bitcoin price increases. There is an uptick, so Chambers could be onto something. Although others might wait to see a more definite upwards trend.
Itâs worth noting that Google doesnât give actual search volumes. 100 represents peak popularity for the term. So 50 means there is half as many searches compared to the term peak.
Chambers believes the statistics point to the worst being over. Heâs already invested in Bitcoin but was hoping for a lower price point to buy more:
âWhich is a drag as far as Iâm concerned as I am still hoping for a buying opportunity below $5,000.â
For those already invested in Bitcoin, especially those who bought at Bitcoinâs 2018 peak of $15,000 USD and above, the worst being over can only lead to feelings of relief.
Itâs Not Over Yet, However
The worst might not be deemed âoverâ for a little while yet. As always the buzzword for Bitcoin is âvolatility.â Bitcoinâs price dropped again over the past few days and the Bitcoin bears are back in control.
Do you think the worst is over? Who will win out over the next few weeks, Bitcoin bulls like Chambers? Or are the bears really back in control?
Images courtesy of Clem Chambers, Forbes, Google Trends, Shutterstock
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.