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Latest Predictions Suggest Positive Christmas for Bitcoin

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Dec 13, 2019

The Bitcoin price is ready to get a seasonal enhancement in the coming few weeks as per the new cryptocurrency analysis.

As per a research from cryptocurrency trading platform StsRoyal, Bitcoin has seen some positive market movements during the time of major US holidays in the past few years.

In the run to Thanksgiving in the previous week, Bitcoin rose by 20% in just 4 days to fight a downward trend which has seen its price fall to its minimum level in the last 6 months.

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In September, on Labor Day, the price of Bitcoin rose by 5% in just one day, following a further rise of 4% on the following day.

And, on the 4th of July also, people witnessed a significant increase in the cryptocurrency. It rose to a whopping 14% from 2nd July to 4th July.

So, accordingly people calculated that theoretically holidays contribute to the rise of Bitcoin price because families get together and experience FOMO and search and buy Bitcoin. In the most recent research, it was noticed that Google search for keyword “Bitcoin” surge at the time of holidays and before it, but not after.

Not knowing which forces really drive bitcoin’s holiday behavior, it seems that Bitcoin is pretty sensitive to major United States holidays for this time, so market participants may like to keep an eagle eye on the upcoming holiday as the month of December begins.

The research also revealed a relation between the price of Bitcoin and Google searches related to cryptocurrency- This has been noticed in the previous market studies.

Yes, in 2017, a study revealed that high search frequency for Bitcoin and its related keywords like BTC USD often led to price bubbles while low search volumes usually stated a good time to purchase.

Data collected by the virtual marketing firm SemRush marked an 80% relation between price of Bitcoin and search volume, though no results were drawn to mark the determining factor.

Some analysts in the past suggested that traders may manipulate Google searches to inflate Bitcoin price artificially. However, there is no such proof.

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