If the google trends data and the bitcoin price reaction suggests anything, it is that the hype around Bitcoin Halving is a wee bit overrated. Also, the picture is getting painted differently for bitcoin these days as it is transforming itself into more of a safe-haven than ever before, especially given coronavirus which has engulfed more than 70 countries and is ripping countries apart. This is also evident from the shift in Google Search trends as well where “Bitcoin Coronavirus” triumphs “Bitcoin Mining“.
The following image shows a certain decline in the search trends for Bitcoin halving.
Google Trends five year chart and the way prices shape up provide us with the epiphany that while emotions soar along with the online search and hit its zenith during Bitcoin Halving, which last happened on July 9, 2016. The startling fact is that right after peaking, in just two weeks, it drops off drastically. This plummet could be even more profound this time around as the bearish turn has occurred prior to the much-awaited “halving”.
Coronavirus Fears Overpowering Bitcoin Halving
The market has changed its tune and is more inclined now to look at the potential impact coronavirus has caused on Bitcoin. In the last week, searches for “Bitcoin Coronavirus” has peaked, while searches for “Bitcoin Halving” has plummeted. However, the overall searches for halving are still top of the pile.
This week is witnessing a change in dynamics once again as both the keyword searches are falling off. This could be due to the fact that Bitcoin is spiralling once again and is beyond the $9,000 mark after it came crashing down to $8,500. The bullish run has another hurdle to cross as resistance is expected to play a part at $9,500 and $10,500 before we can expect Bitcoin to propel the new heights of 2020.
The hysteria around bitcoin halving plays a massive part in it being priced. Also, the chances are quite a few and the recent legislation in South Korea, coupled with the positivity coming out of India regarding cryptocurrency, stacks the odds in Bitcoin’s favour to sky-rocket once again.
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