Nick Colas, the Co-founder of Data Trek Research, has recently published a brainstorming research. He was working on how google trends can be helpful in predicting the upcoming bitcoin booms in the world. After months of his research, he finally released the conclusion of his work. The research suggests that google trends can now forecast the cryptocurrency price rise and fall.
In an interview with CNBC, Mr Colas revealed that the number of google searches on ‘bitcoin’ depicts its price trends. He addressed the business network and mentioned that Bitcoin has a nationally fixed price. And due to this reason as the demand for the bitcoin varies, so as its price. By counting the number of searches for the word bitcoin on google, we can know about the public interest. The search trends witnessed a sharp rise in bitcoin search just after the Thanksgiving representing double wallet growth.
Mr Colas stated that the recent fall in bitcoin price displayed the search trends too. This fall explains that the search for bitcoin has significantly trailed off. However, he also showed how bitcoin search saw a significant rise after Thanksgiving raising the price to $19,43. This rise in the price of bitcoin is the record price observed to date and the search for bitcoin were skyrocketed.
The google searches for word ‘bitcoin’ was also an alluring number just after Thanksgiving. This search is expected to be the major cause of the price rise of Bitcoin. Moreover, even after observing such a significant growth, the crypto pioneers are still worried. The cryptocurrency pioneers said that despite of the recent growth and troubles, they are optimistic about the currency’s long run journey.