Confirmation from Google trends shows that Bitcoin internet searches can help forecast massive upside movements for the crypto. In 2017, a search engine agency Semrush revealed that BTC price boasted a 91% correlation with Google searches related to Bitcoin. That means that BTC prices fell and rose depending on the BTC-related searches.
Though the Semrush research indicated an increased search volume whenever Bitcoin prices soar, it didn’t highlight if the searched forecasted exchange rates between the dollar and Bitcoin. Bitcoin saw related searches increasing by 450% within five months from April to September. The estimated BTC-associated search keywords in a year totaled around 51.4 million.
Correlation between BTC Price and Google Searches
The primary presumption is that google searches increase whenever BTC prices experience upticks. That means individuals’ interest following upswings in the crypto prices. While this might not be entirely erroneous, data suggests that a surge in BTC-related searches preceded the BTC boom. Meanwhile, that doesn’t imply surged searches will impact the token’s pricing.
Semrush revealed that the correlation between BTC prices and related searches stood at 79% in the United States and 82% worldwide. Also, BTC searches exceeded fiat currencies. The past year (2021) saw Bitcoin searches seven times higher than the US dollar and 42 times higher than euros.
Possibly some multiple apps and sites offer exchange rates for euros and dollars. Nevertheless, Bitcoin is somewhat new, forcing users to search online. Meanwhile, the US sees an even high-interest gap, probably since individuals are not likely to examine their currency online. BTC searches are 57 times higher than the US dollar and 70 times higher than euros.
The BTC boom ensured higher interest and most prediction platforms expect the trend to remain throughout this year. Leading BTC-related sites reported surged website visits. For instance, Coinbase, Binance, and Coinmarketcap recorded increased visits. For example, Coinmarketcap saw an average of 60 million monthly visits from 2017 to 2021. The figure rose to 194 million in 2021.
Conclusion
Bitcoin-related searches and $BTC price boasts a somewhat strong correlation. Bitcoin price actions reflect BTC searches. Market players may have to consider Google searches for words associated with Bitcoin. A surge likely precedes the upcoming BTC price rally.
The post Assessing the Correlation between Google Search Trends and Bitcoin (BTC) Price appeared first on CryptocyNews.com.
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