Bitcoin price is stable above $ 16,000 after rising steadily since November 10th. Each dip was aggressively bought up, which allowed BTC to maintain strong momentum.
Still, there is little mainstream hype behind the rally. According to Google Trends, there is significantly less mainstream interest compared to the 2017 rally when Bitcoin Loophole hit $ 20,000.
The popularity of the keyword „Bitcoin“ in the Google search engine is 10 out of 100 possible points. In contrast, the popularity of the same search term reached 100 out of 100 in 2017.
Why Bitcoin’s price spike is bullish without mainstream hype
In the past two months, the price of BTC has increased by about 65%. The entire rally went without much interest from the mainstream, at least at Google Trends.
This ongoing trend points to three things that show a broader Bitcoin rally is likely to emerge in the medium term.
First, it shows that the capital tied up in the cryptocurrency market has flowed back into Bitcoin. It shows the growing confidence of investors who have likely secured their BTC holdings with stablecoins like Tether.
Second, it suggests that BTC still has a lot of headroom for a bigger rally as mainstream investors were absent during the recent uptrend. In 2017, when mainstream investors entered the cryptocurrency market, there was an explosive market-wide rally.
Third, it represents the trend that many on-chain analysts have highlighted – including Woobull.com founder Willy Woo. The ongoing rally is organic as there is no mainstream demand yet and it has been led by the spot market.
So if mainstream demand for Bitcoin picks up again, a bigger and more sustained upward trend could emerge.
Analysts rate the year-end result as positive
Cryptocurrency investor Nunya Bizniz points out the lack of interest from Google Trends when BTC was at $ 14,000.
Since then, BTC has risen about 15%, but mainstream interest has stagnated since then. Previously, Bizniz said:
Google Trends: ‚Buy Bitcoin‘ Interest in buying $ 14,000 last time compared to today. The sheep are still sleeping! “
A pseudonymous Bitcoin investor known as „Mr. HODL „, writes of a similar feeling:
“We’re at $ 16,000 with zero hype. That will be stupid. “
In addition to the low mainstream demand for Bitcoin, the on-chain metrics are favoring a BTC upward trend in the near future.
According to Glassnode, the number of senders‘ Bitcoin addresses has reached an all-time high. This shows a high level of user activity on the blockchain, which generally indicates strong fundamentals for the dominant cryptocurrency.