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. BTC Price Rallies More Than 20% In 48 Hours, Rocketing Over $9,000 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. RELATED READING | NEARLY HALF OF ALL CIRCULATING BITCOIN SUPPLY HASN’T MOVED IN TWO YEARS 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. Search Queries for Bitcoin Halving Go Parabolic Two Weeks Ahead of Event 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. The surge is very clear to see on Google Trends charts. It’s also clear to see the impact on Bitcoin price charts, which show a sharp recovery following an extreme selloff in March. 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. Bitcoin’s halving has long been said to have a dramatic impact on the price of the first-ever cryptocurrency, due to the already extremely scarce supply being slashed in half overnight. Each previous halving has started a new bull run, and 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. RELATED READING | MOST IMPORTANT CHART EVER? BITCOIN S2F COMBINED WITH REDDIT RAINBOW CHART EMERGES The last bull market took Bitcoin from roughly $160 to as high as $20,000. With Bitcoin’s bear market low residing at $3,200, the next top could be anywhere from $55,000 to as high as hundreds of thousands of dollars per BTC. 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 for sure: Interest in the Bitcoin halving is currently skyrocketing, and so is the asset’s price. Featured image from Pixabay.
by Tony Spilotro via Bitcoinist.com
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