Over the last couple of weeks, Bitcoin price significantly dropped, losing 70% of its value since September 2017. This bloody bear market seems to be the most severe in a long period of digital currency history. Luckily, the crypto market has started to recover step by step, with Google search trends for Bitcoin rising accordingly.
Although the crypto market started to recover a few days ago, the biggest growth of value was seen on 28 November. All the major digital currencies have increased and stayed in the greens since that time. Simultaneously, Bitcoin search volume has steadily surged amidst the upward market trend.
Let’s recall that another sudden increase in Google search trends happened in April this year. In similar bear market conditions, it led to a major rise in the Bitcoin price from $7,000 to $10,000.
It is customary to consider Google search trends as a determiner for foreseeing the future of the virtual coin. For example, the search for Bitcoin drastically decreased just before the current market decline. It means, that the current growth in the google searches for Bitcoin may cause another upturn. Furthermore, it can also mean a fresh wave of interest that will attract the attention of many investors and will contribute to the formation of conditions for the bull market.
There is a good feeling among crypto traders anticipating lucrative changes. Crypto experts Tom Lee and John McAfee have recently revealed their thoughts on the future market trends, stating that the bull market is about to come. However, Nouriel Roubini awaits the further recession of prices. Nothing can be foreseen for sure, tomorrow will show us the outcome.