BITCOIN: Popularity and Price

10 days ago
2 Min Read
393 Words

Where are we in this chart?

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This is a chart I used to check recurrently.
It could be ascribed to any market cycle on which "bubles" are recurrent. It is the case of crypto indeed and its related whith the popularity of an asset as well.

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The popularity of bitcoin continues to grow apace.

Interest over time on BITCOIN continues to grow. In fact, the value is quite high if we look at the indicator of the last 90 days.

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Despite this, we are still very far from the popularity values ​​reached at the end of 2017.

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Why this?

Being BITCOIN very close to its ATH as we are now, everyone would think that its popularity should be similar or higher, right?

This fact might at first seem like a sign of weakness but I don't think it is.

In fact, I think it is just the opposite, large investors and institutions are really positioning themselves in the market, most of the purchases lately we could assign to this group of few members.
However, the great mass is still excluded here, possibly because the great majority are affected by the general crisis as the pandemic.

The popularity therefore is not yet influenced by the price, so I think we are in a great accumulation period yet.

And if we still are, it is possible that these price levels or those a little lower are the ground from which to take off.

I do not expect therefore a big recession in the price although, a Bear trap at levels between 12000 and 14000 could have their importance in the face of an eventual correction in the short term that would launch BTC towards the Media Attention phase on the first chart an so to the "Mania Phase" of the horizontal Axis.

As a conclusion, the "popularity" of an asset does not have to be related to its price, but its trend is possibly a good indicator to confirm which market we are in.

Awarenes phase might be reaching the end now... what would be the next step?

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.


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