ANALYSIS - There appears to be a strong correlation between the searches for the bitcoin and the rate of the cryptomax. That puts bitcoin expert Chris Burniske in a series of tweets. He shares graphs with striking similarities between the bitcoin rate and the number of Google searches for the word bitcoin. Each time the bitcoin price rises, the number of searches for the phenomenon also rises. Then the price will increase again and the number of searches will increase again.
Link between bitcoin rate and Google searches
According to Burniske, this cycle can also overheat. In that case, Google searches run much harder than the bitcoin rate itself. Those moments that Google and the bitcoin do not go hand in hand lead to a bit price drop of 70 to over 90 percent.
The bitcoin rate has also recovered, but on the basis of its data, Burniske does not think that there is now a "bubble". Because the price hike is still pace with the increase in the number of Google searches.
It's a nice analysis of Burniske, but if the bitcoin and Google search are really linked, it's still possible to review. It is difficult to keep a correlation (moving two things at the same time) and causality (B moves because A moves).
It's a bit the issue of the chicken and the egg: Does the interest in bitcoin increase as prices increase, or does the price increase as interest increases and there are more searches? Both can play a role in a self-strengthening cycle.
Thanks for Reading
Interesting! Thanks for the post buddy!
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