While BTC is rather unstable today, according to Google Trends data, as well as to other factors, we can suggest that the Bitcoin halving in May will cause a spike in the BTC price.
As Bitcoin’s upcoming halving draws closer, the market seems to be factoring it into every decision and discussion being had. The halving is expected to do a lot for the Bitcoin price because of the scarcity it inevitably ensures. Regardless, while many people are optimistic that the price of Bitcoin will surge because of the halving, there are a lot of people who believe that the halving has been priced in and will not make much difference when it happens. However, Google Trends data suggests that the Bitcoin halving will spike prices.
Bitcoin Halving Queries on Google Trends Is Increasing
People usually use Google Trends data to measure general interest in something or predict behavior. The premise here is simple. If search queries for something are increasing then there is renewed and growing interest in it. For the Bitcoin halving, related Google Trends data shows an unignorable surge in interest.
The data shows that for more than a few months, there wasn’t a lot of interest in the halving event. However, beginning in December, things began to change significantly and interest started to surge. At the time of this surge, the Bitcoin price was far from encouraging. Evidently, that wasn’t enough to sour interest about the halving. Read More