Google Trend Sentiment Starts Breaking Down, Will BTC Follow?

The Google trend sentiment started breaking down as bitcoin hit above $40,000 from the yearly low of $30,000. Less than a year ago, BTC was trading at $4000 but its trajectory was mostly upwards. However, with the Google trend sentiment breaking down, is this considered a sign that the cryptocurrency will break down as well? Let’s try and find out in our latest bitcoin news.

The world is shocked by the latest BTC rally as it soared from $4000 to over $40,000 in one year. Institutions were more than happy to fork thousands per coin and everyone is included in the FOMO now. over 2019 and 2020, one sign analyst used to decipher if the bull market started or not and referred to the Google Trends site to compare the past instances of a BTC Fever.

The past few months, the cryptocurrency started trending and last night, it was trending on Twitter again, pushing beyond $40,000 per BTC. While it hasn’t been performing well on Google Trends recently, the trend started breaking down. So, can this be considered a sentiment indicator as one chartered financial analyst claims?

Timothy Peterson of Cane Island Global Macro thinks that with this trend breaking down on Google Trends, the price of BTC will follow. The cryptocurrency was on its second strongest uptrend and crushed the 2017 levels. The latest rally ended up doubling up the previous all-time high set in 2017 and even if the short-term trend does break down, the long-term trend still looks poised to the upside.

There could more to the story of Google Trends that Peterson recognizes. Using this as a barometer of sentiment will become less effective over time because with more people knowing what BTC is and what it does, there will be less need of searching about it. At this point, the technology will reach widespread adoption and will have a long-time staying power.

On the other hand, More people are searching for the word “Ethereum” and “ETH” now than they ever did before. Google “ETH” searchers according to Google Trends reveals that the number of searches being performed on the search engine is at an all-time high, surpassing the search interest during the height of the last ETH bull run. The previous peak in search term popularity was back on January 13, 2018, when the price of ETH was $1432.