Data from Google Trends showing that people may start flooding back into bitcoin
It appears people are starting to take notice of bitcoin recently taking out $10k.
As I type, bitcoin is holding steady around $10,300 and that's got people searching for bitcoin again.
Google searches for "buy bitcoin" have exploded in the last few days.
Check it out:
(Source: https://trends.google.com/trends/explore?geo=US&q=buy%20bitcoin)
We are already getting back to levels not seen since the $14k highs in June of 2019.
What does this mean?
Historically, an explosion in google searches relating to bitcoin often coincided with very large moves up.
Retail tends to FOMO (fear of missing out) in and drive prices to very high levels once bitcoin starts running.
This type of bounce in searches also adds credence to what we are seeing with wallet activity as well.
More about that can be seen here:
https://steemit.com/bitcoin/@jrcornel/btc-data-suggests-retail-is-aggressively-accumulating-bitcoin
The gist of it is that we are seeing more and more wallets holding at least 1 bitcoin in them.
In fact, we are very near all time highs.
Retail FOMOing in?
With those wallet addresses holding at least one bitcoin climbing and google searches also climbing, we have very good circumstantial evidence that retail is starting to make their way back into bitcoin.
The last time this happened the price ran all the way up to $20k in short order.
No guarantee that this kind of pattern repeats, but the fact that people are more aware of bitcoin now than ever before combined with easier ways to purchase bitcoin than ever before means we have all the right ingredients for a massive move up.
Bring on the stampede!
Stay informed my friends.
-Doc