Bitcoin
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BTC · 34w

They'll buy BTC at $30k - NOT $3K - People Only Want to Buy Bitcoin *After* Price Rises, Google Data Shows

The interest in buying bitcoin appears to lag the cryptocurrency’s price rise. A closer look at trending searches through the past month reveals that the phrase “buy Bitcoin” tends to increase in interest only after the price of Bitcoin has actually increased. 

‘Buy Bitcoin’ Term Follows BTC Price

Data from Google Trends reveals that volumes of the search term “buy bitcoin” in the past month have increased only after the price has moved upwards.

As seen on the chart, the interest in the phrase peaked on April 3rd, hitting a score of 100 on Google Trends. This is the peak popularity for this particular term in the selected period.

On the same date, Bitcoin was trading at around $5,300, which marked a considerable increase of around 26 percent from two days prior, when it was trading at around $4,200.

On the other hand, comparing both charts also shows us that the interest in buying bitcoin decreases if the price declines.

Signs of FOMO

In other words, it appears that people are more willing to buy bitcoin at times when it’s trending higher, rather than when it’s trending downwards.

As Bitcoinist reported, this might indicate that people are just tempting to not miss out on a further increase in the price, otherwise known as the fear of missing out (FOMO). The fact that the interest in buying bitcoin declines when the price is plunging is perhaps another indicator supporting this type of behavior.

Additionally, the top 5 countries where Bitcoin searches tripled in popularity following the rally were Nigeria, Netherlands, South Africa, Austria, and Switzerland.

Or Signs of a Bottom?

On the other hand, proponents have made the point that BTC/USD may have finally bottomed out.

A new report by leading cryptocurrency exchange Binance revealed that the steady recovery of cryptocurrency prices following their 2018 lows to the belief that the market has reached its bottom.

In any case, th...

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