Bitcoin’s social media engagements continue rising to hit an all-time high of 319,636,032 in 2020, LunarCRUSH said in a recent report.
According to a study by Norwegian crypto platform Arcane Analysis, Google’s searches for Bitcoin and the cryptocurrency’s halving rose in the previous year. It added that trader sentiment returned to the neutral state.
There is a relation between Google searches for Bitcoin and the cryptocurrency’s price. If there is a rise in Bitcoin’s social media engagements, it will positively impact the Bitcoin’s price. As such, the increase in the Bitcoin’s social media engagements is good for Bitcoin investors.
The upcoming Bitcoin halving is set to take place in May 2020, and this is considered a very important event in the history of Bitcoin. The halving is expected to boost the price of the world’s biggest cryptocurrency by May 2020.
Bitcoin investors are eagerly awaiting this event which would push the Bitcoin higher to hit an all-time high like 2017.
BTC rose 4.33 percent over the last 24 hours to reach $9,066.89.
In a recent report, Falcon Financial Services has maintained its medium-to-long term for the cryptocurrency market, expecting the overall market cap to remain above the $180-200 billion level.
It has stated that one of the main assumptions for a bullish price development was the crypto adoption from institutional investors. However, it seems that this never materialized.
The halving, which is expected to take place in May this year, could change the price of Bitcoin forever. This event has already taken place twice before.
Cryptolydian earlier reported that BTC has achieved a jaw-dropping increase in price by 62,500% after 10 wild years. While the first and still biggest cryptocurrency has had its ups and downs, and despite the overall downtrend since last July, Bitcoin seems to have a lot more to offer than we have seen.