Google searches for «The halving »has exploded beyond any level observed during the last halving in 2016. Measurements show that more and more people are looking for information on the famous halving of cryptocurrency block rewards before it happens in mid-May.
Google searches are often one of the best ways to measure retailers’ interest in cryptocurrencies. The halving of Bitcoin, planned for mid-May, was eagerly awaited, and as a result, interest in Google searches has grown rapidly.
Google Trends shows that the public is investigating Bitcoin’s halving event like never before. In fact, there are now more Google searches for “bitcoin halving” than before the last halving in 2016. This is a bullish signal as we are getting closer to halving the supply of new bitcoins.
It is currently unclear whether Bitcoin buying activity will increase as we approach the halving event. Many analysts continue to claim that BTC miners can further tighten sales to close profits before the event. Morgan Creek Digital has predicted that Bitcoin will only reach a record high later, a perspective that is historically true.
Despite the increased interest in Google search, the recovery has not yet resulted in price or trading volume. Bitcoin’s RSI is currently at the lowest point before any other halving in its history. This may indicate that it is oversold.
The cryptocurrency market is not yet struggling with macroeconomic conditions. With the International Monetary Fund (IMF) now predicting a major recession due to the global blockade, retail investors may be less likely to invest their money in Bitcoin. The market-leading cryptocurrency also tends to follow the S&P 500, so traders should closely monitor key financial markets.
Halving is the most important event in the crypto space, but Bitcoin has never before experienced such a macroeconomic situation. It was born out of the financial crisis of 2008 and is now facing its first economic recession. The future therefore remains open to speculation and uncertainty.
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