Market observers believe that Bitcoin is nearing a pullback after its momentum this week.
Data from Cryptogambling.tv has revealed a surge in ‘Buy Bitcoin’ searches by Google users globally. Worldwide, “Is it a good time to buy Bitcoin?” saw a 110% gain over the last week, according to Google Trends.
In the UK alone, the search term has grown by about 826% in the past seven days. In the United States, people searching “Should I buy Bitcoin now?” spiked by more than 250%. More specific inquiries like “Can I buy Bitcoin on Fidelity?” also increased by over 3,100% in the last week while queries for “BlackRock Bitcoin ETF” grew by 250%.
The surge in crypto interest comes at a time when the Bitcoin market is undergoing a rally. Bitcoin briefly surpassed the $35,000 mark on October 24 – the first time since May 2022. The possibility of a spot Bitcoin ETF approval may also be contributing to the uptick.
Spot Bitcoin ETF Approval Could Come by January
While there is no official timeline yet for a spot Bitcoin ETF approval, Bloomberg analysts James Seyffart and Eric Balchunas believe there could be one by January 10, 2024. The duo pinned the probability of an approval at about 90%.
Seyffart based his assertion on updates to the Ark 21Shares Bitcoin ETF Application. This, he claimed, signals an ongoing conversation between the company and the SEC. Seyffart believes this step only happens “when a fund is on its way to being approved”.
Imminent Bitcoin Dump after Buy Bitcoin Surge?
Meanwhile, market observers believe that Bitcoin is nearing a pullback after its momentum this week. These assertions are based on the price action of the meme coin Pepe.
Onchain Capital co-founder Ran Neuner suggested that Pepe’s price indicates an overblown crypto market. Other traders like Alex RTB have shared Neuner’s theory in the past. Back in September, Alex shared that he used Pepe as a metric for impending short-term declines, noting its reliability.
Despite the seeming correlation of prices based on recent history, some traders remain skeptical. One trader, Reetika, noted the recent uptick in Pepe did not necessarily signify broader confidence in the market because of Bitcoin. Instead, Reetika believes the surge was the aftermath of a team change and the announcement of further token burns by the project.
It remains to be seen if Bitcoin will dump as the Pepe price indicates or continue its broader rally.