What do you think of the search volume for "bitcoin halving" hitting an all-time high?
The 2020 Bitcoin block reward halving is arguably the most important cryptocurrency event of the year, and the date is fast approaching. In fact, estimates derived from blockchain data suggest that the halving will take place in less than 30 days (a month).
At that time, the number of bitcoins rewarded by each block will be divided into two, so it is called "halving", and the resulting effect is to cause the inflation rate of bitcoin to drop by 50% immediately.
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Bitcoin halving searches hit record high
According to Google Trends data as of April 14, as the halving event approaches, Google users in the United States searched for the term "Bitcoin halving" more times than ever in the past month, perhaps they want to find more More information about this event.
Google expects search demand for the term "halved" to double the current figure over the next month. Data from Google’s users around the world shows a similar trend, also suggesting that interest in the “Bitcoin halving” is about to reach an all-time high.
Google Trends finds interest in a term by scoring the search volume for that term on a scale from 0 to 100, where 100 is the highest amount of interest for that term in a given region and time frame. Thus, the chart above shows that the demand for the phrase “Bitcoin halving” is now three times higher than it was in 2016.
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What will be the impact on the cryptocurrency market?
There is a slight correlation between Bitcoin’s performance and Google Trends scores for the term, although the “Black Thursday” crash in the cryptocurrency market in March obscured the correlation.
In fact, interest in the term started to bounce back in the week of December 8 last year, when BTC bottomed out at $6,400, and then hit its highest price for that period in the week of February 15 this year, very close to the $10,500 mark. highest price.
Additionally, interest in the halving has doubled since the “Black Thursday” crash on March 12, which also coincided with a 100% price increase for Bitcoin and other cryptocurrencies.
The chart below shows this potential correlation, with the red dots indicating bottoms in Bitcoin's price.
Continued growth in interest in the halving event, coupled with the persistence of this correlation, would indicate that Bitcoin is poised to rally in the coming weeks.
The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
