Nine days have passed since I pointed out a negative trend for Bitcoin. While the price of Bitcoin was setting a new all time high, search interest had been falling since January. Based on this, I was sceptical to Bitcoin's ability to hang on to its all time high.
As it turns out, Bitcoin has yet to top its all time high of $60,000 set nine days ago. Furthermore, search interest has not picked up significantly since then, and it looks set to fall further, breaking below gold for the first time since mid-December when Bitcoin caught everybody's attention by going from $20,000 to $30,000 in a matter of days.
Going further back in time, we see that search interest for Bitcoin went above search interest for gold from late October 2017 to mid-February 2018. Back then, its price peaked out at just below $20,000 in early January. What followed was a bear market that bottomed out one year later at $3,000. Meanwhile, gold went up by 50%, and may well be set for a new leg up given the current inflationary environment of the world economy.
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