Colas is not the first analyst to make the connection, with ARK Invest’s Chris Burniske previously pointing to a BTC/USD exchange rate that clearly reflected Google search trends. Burniske referred to it as “a virtuous Satoshi cycle,” evidence for which traces back to at least August 2017. Incidentally, today, a Google search of “bitcoin” yielded me 341 million results.
Fewer people have been searching bitcoin, and that waning interest is being reflected in the bitcoin price, which is currently trading in the $10,000 – $12,000 range compared to nearly a $20,000 bitcoin price in December. Colas concludes that interest levels as determined by Google searches show definite support for bitcoin’s “breakouts” and “pullbacks.”