Bitcoin Could Fall More Before Rally

Joost van der Burgt, a policy advisor at the Dutch National Bank, said that the Bitcoin price will endure at least one more correction prior to initiating the next mid-term rally.

Burgt demonstrated the correlation between Google search activity of the keyword “Bitcoin” and the price chart of BTC, which showed striking similarities from May of last year to February of 2018. But, over the past seven months, Bitcoin has not reflected the trend of Google search.

“Every time bitcoin was in the news, be it positive or negative, the price went up accordingly. My take on it is that because of the introduction of futures, that might have deflated the bubble before it got to a level where it might burst completely,” Burgt said.

Is a Major Drop Really Likely?

In April and July, the price of BTC spiked to $10,000 and $8,500 respectively subsequent to recovering from the $6,000 support level. Both spikes were triggered by an abrupt surge in volume and within a day, on both…