Seasoned blockchain analyst shared eccentric chart that shows correlation between Bitcoin (BTC) price and search trends
An anonymous technical analyst who goes by @TechDev_52 on Twitter studied the correlation between the activity of searching for “bear market” online and Bitcoin (BTC) price dynamics.
Bottom might be close as people are scared by “bear market”: trends
The analyst has taken to Twitter to share the correlation of Bitcoin (BTC) price dynamics (one-week timeframe, logarithmic scale) and the interest in the “bear market” search combination.
“Bear Market” search interest. pic.twitter.com/bq7DAPKEQz
— TechDev (@TechDev_52) June 8, 2022
Since mid-2017, the Bitcoin (BTC) price has gone through three market cycles; each of them lasted for 67 weeks, or 469 days. Historically, Bitcoin (BTC) has started its rallies after the “bear market” search reached peak values.
This took place in December 2018. In March 2020, Bitcoin (BTC) bottomed earlier than expected under the pressure of world recession fears.
The last peak of interest in “bear market” was registered in late May 2022. The 469-day cycle will end in mid-June. As such, the much-anticipated bottom may either be in or close.
Fear and Greed index revisits monthly highs but fails to leave “Extreme Fear” zone
Yesterday, Bitcoin (BTC), the flagship cryptocurrency, jumped to $31,700, which is the highest level since June 1, 2022. It managed to push Bitcoin’s Fear and Greed Index to 17/100, which is the highest point in the last 30 days.
However, the index is still in the “Extreme Fear” zone.
By press time, Bitcoin (BTC) is changing hands at $30,500 on major spot trading platforms.