As the Bitcoin halving event approaches, Google searches for the phrase are accelerating at a great pace. The search volume for the term is now at its highest since the last halving event in 2016.
April 30, 2020 | AtoZ Markets – In less than 48 hours, Bitcoin price has gone parabolic and risen by $1,700 and over 22%, touching nearly $9,500 before falling back to refuel.
However, it isn’t just Bitcoin price that’s gone parabolic. Google Search Trends for the term “Bitcoin halving” has also spiked considerably, and could be partially what’s driving this epic rally.
Bitcoin price kisses the $9,000 mark
The recent explosive Bitcoin rally has sent the price of the leading cryptocurrency by market cap parabolic, bursting from under $7,800 to well over $9,000 in just two short days.
The extreme push from bulls has revived hope that the Bitcoin halving may have a dramatic impact on sparking the next bull run, as the crypto community has long anticipated.
That hope was nearly crushed by the Black Thursday collapse in March, but nearly all lost ground has already been recovered by the first-ever cryptocurrency.
Much of what is driving the asset’s latest bull rally, is growing interest in the asset’s halving. The Bitcoin halving happens every four years and the next Bitcoin halving date is on May 18.
Google searches for ‘Bitcoin halving’ on the rise
Also going parabolic over the last week alongside Bitcoin price, are search queries on Google Trends for the term “Bitcoin Halving.”
Zooming out, searches for the term have reached the highest level ever recorded, according to Google Trends data.
April’s monthly candle is now higher than the top of the March candle, and it Bitcoin price can close above roughly $8750, the monthly would close as a bullish engulfing candle – an incredibly bullish signal, that usually is followed by a strong uptrend.
Will Bitcoin skyrocket after 2020 Halving like in 2016?
For some time now, cryptocurrency enthusiasts have been talking about the upcoming Bitcoin halving event. But unlike 2016 when fewer people were aware of Bitcoin and its properties, interest in the event from the general public is also rising.
So why is the Bitcoin halving commanding so much attention? Many people in the industry believe that the event that cuts the block reward in half for miners will spur a new Bitcoin bull market. This is based on the effects that the last two halvings had on the flagship cryptocurrency. Each previous halving has started a new bull run.
After the first halving in 2012, BTC hit its first all-time high. Shortly after the halving in 2016, BTC skyrocketed from roughly $160 to its biggest all-time high on record at just shy of $20,000. With how many more people know about Bitcoin and the Bitcoin halving this time around, the results could be far more significant than in past bull cycles.
Long-term price predictions put the asset well over one million dollars per BTC, but such lofty valuations are wild speculation. Still, the potential is there, and only time will tell if these predictions come true.
For now, one thing is certain: Interest in the Bitcoin halving is currently skyrocketing, and so is the asset’s price.
Will BTC price react positively to the upcoming 2020 Bitcoin halving? Let us know your thoughts below!