Many of the investors are trying to figure out when the Bitcoin would rally next. However, according to an analyst, Nick Colas, who is co-founder at DataTrek, there is a metric with the help of which, you would be able to find out about the future rallies of Bitcoin.
According to him, depending on the spike in Bitcoin-based queries or wallet-based queries on Google, the rallies in Bitcoin can be easily detected.
How to detect Bitcoin’s next breakout with Google Search Trends
He analyzed the past 90 days of data for these 2 search terms on Google.
In the past 90 days, after hitting a high of $ 20,000 in December, the Bitcoin price has actually fallen by about 40% to around $ 11,000 currently. According to him, the Bitcoin searches have also fallen as well. Thus, when the Bitcoin searches start to increase again, you can be sure that the rally is around the corner as well.
He believes that this is a good enough metric in order to track the rallies in Bitcoins and in order to ensure that you are able to invest in the cryptocurrency at the right point in time. Owing to this very reason, he believes that one should monitor the number of searches being done for keywords related to Bitcoin. When that is the case, it would become easier for the investors to detect about the opportunity as well.
He also believes that the rally in Bitcoin is closely related to the number of wallets which are being created as well. The larger the number of wallets which are being created, the more probability there would be a huge rally in Bitcoin prices. That is why according to him it is important to take note of the press releases which are being released by the various exchanges as well regarding the number of new customers which are signing up for them. If indeed, this figure blows through the roof once again, he believes that there is a rally in Bitcoins as well as in other cryptocurrencies just around the corner.
When the next move in Bitcoin?
Whether this theory is actually right or not, only time would be able to tell. For now, however, many of the investors, as well as traders, are trying to figure out when the next move in Bitcoin, as well as other cryptocurrencies, would be. Ethereum has already started to make its move. Owing to this very reason, many of the other cryptocurrencies investors are also thinking that their cryptocurrencies would also be able to make a move once again. Only time will tell whether Ethereum would trigger moves in other cryptocurrencies or whether it would be a solo mover.