The Google searches for the Bitcoin keyword have crashed, indicating a lack of interest among internet users in the flagship crypto. However, crypto analyst Ali Martinez has stated that this is bullish for the Bitcoin price.
Why The Crash In Bitcoin Google Searches Is Bullish
In an X post, Martinez revealed that nobody is searching for Bitcoin (BTC) according to Google trends. He added that this is bullish, meaning that this is a good thing for the BTC price. Typically, a surge in the search for the BTC keyword indicates a massive interest among retail investors.
However, the lack of interest based on Google trends indicates that retail investors have yet to come en masse into the crypto space for this bull run. Therefore, it is bullish, as there is still more room for Bitcoin and other cryptocurrencies to rise to the upside following an influx of these retail investors.
The on-chain analytics platform Santiment also provided insights into why a lack of interest in Bitcoin is usually bullish. They suggested that the flagship crypto will likely hit a new all-time high (ATH) when expectations are low, or there is a lack of interest among crypto enthusiasts.
The platform revealed there are currently 1.8 bullish posts toward BTC for every bearish post. According to Santiment, the market historically moves opposite to the crowd’s expectations. This essentially means that Bitcoin turns out to be most bullish when market participants and even non-crypto natives are bearish.
Santiment reaffirmed this stance in a more recent X post. The platform stated that the crowd’s sentiment toward Bitcoin had been particularly bullish, indicating a high top probability for crypto markets. With BTC retracing below $65,000 on September 30, they expect that there will be some panic sells. Santiment added that if FOMO turns to FUD, the bull market will resume quickly.
How BTC Price Could Move In The Coming Weeks
Martinez has also provided insights into what to expect from the Bitcoin price in the coming weeks. He claimed that the best thing would be for the flagship crypto to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out to a new ATH at $78,000.
The analyst again alluded to this price thesis in a recent X post, suggesting that he is confident this will happen. However, historical trends indicate that BTC could reach a new ATH this month. October is one of Bitcoin’s best months, with the flagship crypto recording double-digit monthly returns most of the time. Therefore, the crypto could reach new highs as the ‘Uptober’ rally begins.
At the time of writing, Bitcoin is trading at around $63,800, down in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Be the first to comment