The volume of worldwide searches for the keyword “Bitcoin” has sharply spiked in the last three days, the highest recorded figure so far since April, making up 17 percent of its all-time-high weekly search volume last year from December 17 to 23, according to data aggregated by Google Trends Explorer.
At the time, Bitcoin’s price has already reached an unprecedented high of nearly $20,000, but has since sharply plunged to only $4,223, at press time.
While data aggregated from Google Trends did not indicate the exact number of Bitcoin’s search volume, most of the keyword searches over the last week came from Nigeria, followed by Africa and Australia. Also worth noting is that the U.S. only ranked at number 19 among the listed countries.
It may come as no surprise that Bitcoin has been increasingly trending on Google searches for the last 7 months, given the cryptocurrency’s abysmal performance in the crypto markets over the last week, as it falls to a 13-month low of just under $4,000. Furthermore, data show that the searches has since multiplied two-folds as it descends under its $4,000 price range on November 24.
On that note, there has been a long-held speculation among the crypto community suggesting a direct correlation between Bitcoin’s price fluctuation and Google’s search trends, with the search volume’s recent uptick hinting at a potential price swing for Bitcoin.
In 2017, a study authored by Willy Woo indicated that data aggregated from Google search trends can be utilized to predict speculative bubbles, as well as serve as a determining factor when would be the best and worst time to invest in Bitcoin.
Suffice it to say, low search volume for “Bitcoin” is considered as a period of maximum financial gains, while abnormally high search volume may be viewed as a sign that the cryptocurrency is in a bubble and may be approaching towards a potential price plunge.