Bitcoin 2020: The Final Quarter — The First Hurrah

Bitcoin Google trends search volumes have reached levels not seen since a year ago, indicating that the masses are quickly shifting their gaze to the cryptocurrency which they’ve been led to believe is a scam.Meanwhile, several data points indicate that bitcoin’s price-action still has fuel left in the tank in this parabolic run-up, despite increasing downside risk with each leg up.Let’s dig in.Several stories have come out on increasing bitcoin search volumes on Google trends. According to an article on CoinTelegraph, as bitcoin extended the rally to $19,412 such trends rose to yearly high levels.Google trends analysis is typically used in tandem with various sentiment metrics to gauge which part of the cycle we’re in.Clearly, interest in bitcoin is picking up. However, as price trades at the 2017 all-time highs Google searches are still very modest in comparison.According to digitalinformationworld.com, Google controls 92% of search engine data, meaning that Google search trends are statistically significant by most standards.To my mind, the only definite takeaway from this metric is that bitcoin’s macro cycle still has a way to go, even if the risk of a major pull-back is present.At the time of writing, bitcoin has pulled back to briefly tap $18,600 and is currently back above the $19,100 level.https://phemex.com/?group=651&referralCode=FL78PTrade and exchange Bitcoin & crypto on Phemex. For experienced traders only.Probability to break all time highs is not lowBitcoin broke out of the $19,000 resistance and is on its way to potentially creating fresh all-time highs. At this time, there is nothing standing between bitcoin and new all-time highs — brief as they might be.Further top of the last newsletter, various data points from Coinalyze.net provide some insight into the pressures driving bitcoin’s price.At the time of writing, it’s clear that the spot market has taken over price-action. The ‘spot market’ is…