Search intent is a difficult thing to gauge. However, search popularity isn’t thanks to Google Trends.
Google search trends has shown that the recent cryptocurrency bull run reflects search data differently than previous bull runs have shown in trends.
The volume of search discovery is significantly different compared to last time. Could it be the institutional investors that have been spoken about it the news? Maybe, considering Bitcoin has hit new all time highs this week.
What does this reveals about the usefulness of Google Trends as a speculative investor tool? Nothing that doesn’t involve reliance on other signals such as trading volume and news stories (and more speculation) but as time goes on and how exactly this most recent cryptocurrency bull run plays out and what the trend data shows along side it may reveal some new information. After all, it’s possible things are still getting started and those old familiar large spikes might be showing up indicating new search search discovery (or at least a reignited interest from past searchers).
If the recent hype is true, and institutional investors have been entering the crypto-space, then Google Trends data may be speaking some loud truths, revealing what a trend of search discovery is like and how sudden spikes and crashes can parallel similar trading volume patterns but, in contrast, flat search trends indicate a more stable market because those entering the market are not doing so for the first time, or, at least not hearing about the market for the first time.
In conclusion, if the recent crypto bull run with Bitcoin shattering it’s all time high this week is something more permanent then Google’s recent flat search trends for “Bitcoin” and “Cryptocurrency” may be displaying search trend data in front of all our faces showing that this run isn’t temporary but something much bigger…