There are no “street” traders on the Bitcoin market, traders less familiar with investing. This is also illustrated by data from Google Trends. Is this good, or does it show that the situation on the cryptocurrency market is getting very bad?
Bitcoin is not popular?
The bitcoin price increased by just over 1% for a week. Since yesterday – by 2.3%. Considering the possibilities of cryptocurrency, this is still not enough. Generally, there is stagnation and boredom on the trading floor with the sideways trend and the lack of a bull market. This is especially visible when you look at the Google Trends chart.
Currently, the search volume for “bitcoin” is at 20 (on a scale of 100). It hasn’t been this bad since last fall! Even at the beginning of this year, the rate level in Google Trends did not drop that low. And yet, along the way, ETFs were launched in the US, the Fed started lowering interest rates and Donald Trump spoke about cryptocurrency a few times. It didn’t help. There is no “Street” on the market square.
Buying signal?
So we have strong foundations: global liquidity is growing, central banks are starting to cut interest rates, and the community may have a US “crypto-president” from 2025. So why is there no bull market?
Ryan Lee, Chief Analyst at Bitget Research, looked at the correlation between Google data and the BTC price.
The last time interest in bitcoin (in Google) dropped to (just over) 20 was at the turn of January and February 2024. During this time, the price of BTC skyrocketed from $41,000 to almost $71,500, reaching an all-time high within a month and a half
– he recalled in a note received by our editorial office.
He then pointed to a period of “market stagnation” – between May and September 2023 – which was “an excellent opportunity to build positions in anticipation of greater market growth.”
Therefore, buying during periods when BTC mining volumes reach low levels, when interest is low, remains a relatively rational and more reliable strategy
– he added.
He may be right. It is possible that today we are in the “calm before the storm” stage. Not much is happening on the stock exchanges, but the foundations of BTC – as I have already mentioned – are strengthening. Investors are just waiting for the spark that will ignite the rocket.
You can buy Bitcoin and other cryptocurrencies in a simple and safe way on the zondacrypto exchange.