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Topic: Search volumes says you are overpaying for your coins - page 2. (Read 2748 times)

legendary
Activity: 1904
Merit: 1002
I think we could see $5 or $7 in 2013.
Such confidence.


Roll Eyes

How many times do established users google "bitcoin"?

Maybe if you looked at the integral of search volume you could find some rough correlation, but raw search volume vs. price is pretty useless.
hero member
Activity: 868
Merit: 1002
I think we could see $5 or $7 in 2013.
Such confidence.
hero member
Activity: 784
Merit: 1000
Annuit cœptis humanae libertas
That's a distinct possibility, but then, so is $50-$70. Since bitcoin can be volatile, we could even witness both! Truth is, no one knows till it happens.
member
Activity: 82
Merit: 10


source:  http://www.google.com/trends/explore#q=bitcoin&date=1%2F2011%2025m&cmpt=q

Historical prices when "bitcoin" search levels were about the same as today:

January 2013 - $14.50
September 2012 - High volatility but around $10
January 2012 - $7
September 2011 - $7
May 2011 - $5

Additionally if we look at the graph, bitcoin prices roughly correlate with search volume until June 2012 when the price was $5.  I would think there would be a small rise in the price of bitcoin because some people buy it and forget it.  Thus, these people do not do "bitcoin" searches that often.  But I do not think this type of buyer justifies a doubling of the price from a year ago when we saw similar search volumes.  Search engine volume says you are overpaying for your bitcoins today.  I think we could see $5 or $7 in 2013.
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