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Google Trends data shows that the bitcoin hype has not yet started
Despite an increase above $15,000, which has been absent for almost 3 years, interest in bitcoin has not risen above normal levels. In terms of maximum values for a search query, Google Trends‘ bitcoin scores 13 points for current interest.
In other words, new investors are not yet even remotely showing as much interest in bitcoin news trader as in 2017. So a new round of bitcoin growth can await us, at least in terms of interest.
What do the indicators say?
Bitcoin tested RSI backtest zone 59 as it did in 2012 and 2016. Usually after that we would expect a very impressive growth. I wonder what will happen this time?
Grayscale Investments, a digital asset management company, regularly continues to increase its investments in BTC (as can be seen in the chart above). Currently, there are 481,711 BTCs in Grayscale Bitcoin Trust (GBTC) worth approximately $6.8 billion.
Analysts predict that by the end of 2020 it will manage at least 500,000 BTCs. In other words, Grayscale will control about 2.7% of the total market supply of cryptovoltaic currency. And by the end of 2021 the number may increase to 926,600 BTC – or 5% of the total market supply.