Google searches Bitcoin keyword crashed, indicating the lack of interest among Internet users in the flagship cryptocurrency. However, cryptocurrency analyst Ali Martinez stated that this is a bullish enhance in the price of Bitcoin.
Why Google’s Bitcoin Search Crash Is Bullish
In a post on X, Martinez revealed that no one is looking Bitcoin (BTC) according to Google trends. He added that this is a bullish rally, which means it is a good thing for the BTC price. Typically, an enhance in searches for the BTC keyword indicates huge interest from retail investors.
However, the lack of interest resulting from Google trends indicates that individual investors have not yet entered the cryptocurrency space en masse to this running of the bulls. Therefore, this is a bullish rally as there is still more room for Bitcoin and other cryptocurrencies to rise following the influx of retail investors.
The analytical platform in the Santiment chain also provided insight into why Bitcoin disinterest tends to be bullish. They suggested that the flagship cryptocurrency will likely go to a fresh one highest level ever (ATH) when expectations are low or lack of interest among cryptocurrency enthusiasts.
The platform revealed that for every bearish post, there are currently 1.8 bullish posts towards BTC. According to Santiment, historically speaking, the market moves contrary to the crowd’s expectations. This essentially means that Bitcoin turns out to be most bullish when market participants, and even non-cryptocurrency natives, are bearish.
Santiment reaffirmed this stance in a more recent post on X. The platform said crowd sentiment towards Bitcoin was particularly bullish, indicating a high probability for cryptocurrency markets. WITH BTC drops below $65,000 On September 30, they expect a panic and sell-off. Santiment added that if FOMO turns to FUD, the bull market will return quickly.
How the BTC price may change in the coming weeks
Martinez also provided insight into what to expect Bitcoin price in the coming weeks. He argued that the best thing would be for the flagship cryptocurrency to drop to $60,000, rebound to $66,000, recover to $57,000 and finally break out to $66,000. fresh ATH for $78,000.
The analyst alluded to this price thesis again in a recent post on X, suggesting he is confident this will happen. However, historical trends indicate that BTC may reach a fresh ATH this month. October is one of Bitcoin’s best months, with the flagship cryptocurrency posting double-digit monthly gains most of the time. Therefore, the cryptocurrency may reach fresh highs because “Adventurous” Rally. it starts.
Bitcoin is currently trading at around $63,800 as of this writing, down over the last 24 hours. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
