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Google, the most popular Bitcoin trend indicator, turns 23

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Since the introduction of Bitcoin, Google has become an excellent popularity indicator for cryptocurrencies.

Google, the leading indicator used to track the popularity of Bitcoin (BTC) and other cryptocurrencies, celebrated its 23rd anniversary on Sept. 27, 2021.

Founded by Larry Page and Sergey Brin when both were students at Stanford University, the search engine has spent the majority of its 23 years of existence being one of the primary entry points to the internet.

Following the inception of cryptocurrencies, Google has been widely used as the primary method to search for new coins, track market trends, and learn how to buy crypto.

Since internet search statistics are an excellent way track user behavior, Google Trends has became a reliable source for understanding user interest in a near real-time fashion. Traders use the tool, which analyzes the popularity of search queries in a specific period, to identify emerging patterns.

Initial coin offerings, or ICOs, decentralized finance, or DeFi, and nonfungible tokens, or NFTs, all experienced a spike in Google Trends before taking the main stage in the crypto ecosystem.

A quick search for Bitcoin shows that internet user interest almost overlaps with the price volatility of the largest cryptocurrency. A similar overlap can be seen in Dogecoin (DOGE) charts.

Neutral statistics aside, Google’s stance on cryptocurrencies mimics the perception of the mainstream. In March 2018, following the infamous ICO boom, Google banned cryptocurrency-related advertising on its platform via an update to its Financial Services policy.

Since then, the search giant has softened on the subject, announcing that crypto ads by regulated entities are good to go again. While the company still does not allow DeFi ads or celebrity endorsements related to crypto, advertisers registered with the Financial Crimes Enforcement Network can advertise their crypto exchange and wallet services.

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Bitcoin closes six monthly green candles for the first time since 2013

April 1, 2021 Coin Telegraph

Bitcoin

Bitcoin's last six monthly candles have closed green, tying its previous record streak for bullish monthly candles.

Bitcoin has just closed six consecutive monthly green candles for the first time since April 2013. Should history repeat, Bitcoin may enjoy further parabolic gains this year.

In April 2013, Bitcoin closed at roughly $140 after posting six green monthly candles. While the markets would retrace to less than $100 over the next two months, Bitcoin would then surge 700% over the following six months and tag prices above $1,000 for the first time.

BTC/USD since 2012, 1m candles: Trading View

Bitcoin posted a similar pattern in the lead up to its parabolic bull run in 2017, with the markets posting five consecutive green monthly candles heading into September. While September saw BTC post range-bound consolidation, Bitcoin surged into new all-time highs in October to rallied from $5,000 to almost $20,000 by the end of the year.

According to Bloomberg strategist, Mike McGlone, Bitcoin could be trading for more than $400,000 by 2022, should the markets follow the trends previously witnessed during 2013 and 2017. McGlone recently claimed that Bitcoin is "well on its way to becoming a global digital reserve asset."

Veteran trader and market analyst, Peter Brandt, is also bullish on Bitcoin, predicting BTC could gain a further 250% to break above $200,000. "I think we're in that midpoint pause where in 2017 Bitcoin swirled around for a month or two before we saw the final move up," he said.

However, past trends do not guarantee future performance and the history of green candles is a little murky. Despite Bitcoin posting five green monthly candles in a row during late 2015, the early weeks of 2016 saw BTC crash by 20% before producing several months of tightening consolidation.

Similarly, the five consecutive months of bullish momentum that kicked of 2019 was followed by a protracted downtrend, with BTC having fallen more than 60% from its 2019 highs amid the "Black Thursday" crash of March 2020. Bitcoin did not reclaim its 2019 price-highs until December 2020.

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