Google Trends: 'Bitcoin' searches reach highest level this year as Bitcoin surges to $19,400

The price of Bitcoin (BTC) extended its rally, surging to a new high this year at $19,412 earlier today.

Daily cryptocurrency market performance Source: Coin360

Determining Bitcoin's actual all-time high is somewhat controversial, as different exchanges list different figures. For example, Bitcoin peaked at $19,892 on Coinbase, while BitMEX and Binance were at $19,891 and $19,799, respectively. Therefore, for most traders, $20,000 is likely the key price point that ensures Bitcoin reaches a new all-time high.

Bitcoin’s move past the $19,000 mark happened faster than many expected, especially after the price of Bitcoin plummeted to $18,000 on the night of November 23. Meanwhile, XRP’s price on Coinbase dropped 30% after rising to $0.92.

Bitcoin price and sentiment chart (hourly) Source: The TIE

Data from social analysis data platform TheTie showed that as Bitcoin prices lost upward momentum on November 22 and November 23, traders expected Bitcoin to test support below $18,000 again, and trading sentiment was significantly hit.

Bitcoin price and daily sentiment score Source: The TIE

Joshua Frank, founder of The TIE, said:

“The daily sentiment score measures how positive or negative investors have been over the past 24 hours, rather than a rolling 20-day window. This metric (daily sentiment) has been positive (above 50) since November 16, when Bitcoin approached $16,000. For the daily sentiment score to remain positive, it means that investors must continue to become more and more positive. So if investors were somewhat positive over the past 20 days, they would have to be even more positive over the past 24 hours for the score to remain above 50.”

This suggests that despite significant price corrections, such as to $18,000 or lower, most people who invest in or track Bitcoin prices remain extremely bullish on the digital asset’s prospects when compared to historical price and sentiment data.

Google searches for Bitcoin hit 2020 highs Source: Google Trends

Google Trends data also shows that searches for the term "Bitcoin" today also reached their highest level in 2020 as the price of Bitcoin rose above $19,000, but the number is still far from the high point in December 2017.

Where will the Bitcoin price go next?

BTC/USDT 4-hour chart. Source: TradingView

As shown on the 4-hour chart, Bitcoin’s surge to $18,000 created a double bottom at a critical support level, with bulls stepping in to buy at this low with three consecutive high volumes.

At the time of writing, Bitcoin price has retreated to the lowest support level of $18,900. If this level fails to hold, the next support level is $18,650, which is slightly above the 20-day moving average and the high volume node on the VPVR.

Similar to the rally to $18,000, a period of consolidation and building support levels is normal and healthy for the uptrend to continue.

Matt Blom, Global Head of Sales Trading at EQUOS, said:

“Bitcoin is aiming for new all-time highs and while it is close, it is unlikely to fail to break the 2017 record. With a lack of resistance above, thoughts turn to the next key upside target. Based on Fibonacci retracement levels, we believe the target is $29,100.”