Bitcoin halving date is getting closer to the scheduled date and we’ve seen a sudden spike in the number of queries concerning the event.
Bitcoin Halving is less than 35 days away. It is normal for people to want to know more about one of the most talked-about events in the crypto world.
Data from Google Trends shows that interest in the subject is increasing. Both ‘Bitcoin halving’ and ‘Halving’ are popular terms. The Google Trends report gives a score to the search term based on the volume and shows it on a scale of 0-100. Bitcoin halving has gone from 19 (April last year) to 78 earlier this month.
Growth in interest started in December when the score was at 22 before shooting up to 85 in mid-February. This increase in interest will be partly due to the price increase that bitcoin saw then. The BTC price then rose from $ 6,400 to $ 10,500, but this did not hold, just after the Coronavirus outbreak, the price dropped sharply to $ 3,800 in March.
The preliminary forecast based on the Google Data chart is that interest in the upcoming halving will continue to rise. According to the forecast made by Google itself, interest will reach a 12-month high in the week of April 5 and 11. Other data on Google Trends paints a drastic picture, the data shows that in the US there will be up to twice as much search for ‘Bitcoin halving’. Of course, this remains only a prediction.
After the Bitcoin Halving finally occurs, a lot of people and analyst have predicted that there will be a steady increase in Bitcoin’s price. This analysis is probably based on the demand and supply law in economics since a lesser amount of Bitcoin will be mined thereby gradually taking us to bitcoin scarcity.
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