RATE Group | Google Search for Bitcoin Coronavirus Takes over Halving
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Google Search for Bitcoin Coronavirus Takes over Halving

07 Mar Google Search for Bitcoin Coronavirus Takes over Halving

Posted at 10:16h in Bitcoin News by

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‘Bitcoin halving’ being ‘priced-in’ is a short-term trend caused to due to hyped sentiments. Google trends data along with price reactions suggest that halving might be an overly hyped incident. Moreover, now with the safe-haven angle in picture, the interest on ‘Bitcoin Coronavirus‘ has taken over halving.

The five year chart of google trends along with price action suggests that while sentiments and online search kept reached it’s peak during ‘halving’ – July 9, 2o16 and dropped almost instantly in the next few weeks. Moreover, the price had already taken a bearish turn weeks before the halving.

bitcoin halving google trend
5 year Google Trend for ‘Bitcoin Halving’ (source)

Co-incidentally, the small spike in the trend before the moonshot rise coincides with the price peak. Hence, after a certain point, there was an inverse correlation between online sentiments and price.

btcusd weekly chart
BTC/USD Weekly Chart during 2016 Halving (TradingView)

The ‘google trend’ for the keyword ‘Bitcoin Halving’…

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