Predicting Bitcoin Rate with Google

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Do you want to know future Bitcoin price? Just google it!

Nicholas Colas from Datatrek Research has claimed, watching Google-requests with “bitcoin” word alone can help making quite correct forecasts for its future price.

Yet Colas is not the first analyst to discover this correlation. Chris Burniske of ARK Invest used to mention BTC/USD rate before which was reflective of Google search trends. Burniske called it “virtuous Satoshi cycle” that had been observed till August 2017.

In the meantime, Colas claimed:

“By looking at the number of people who search for the word 'bitcoin' on Google, which has roughly a 60 percent market share of search globally, we get a pretty good sense of where the interest is”.

To date less people google “bitcoin”. With interest in the currency growing weaker its price gets affected as well and now makes from 10000 to 12000 dollars compared to $20000 in December when the number of bitcoin requests was at its height. Colas sums it up that Google-based popularity rates define quite precisely all Bitcoin’s breakthroughs and downfalls.