$BTC $ETH Is the next phase a bull market or a bear market? Actually, the user search index can serve as a direct reference, as the influx of new users is one of the important conditions for a bull market! 🔥🔥🔥
💐Today, I collected search index data from both Google and Baidu to compare it with the historical price of BTC to draw conclusions and identify patterns.
Conclusion
💜① The market has not entered a bear market state; instead, it is in a historical mid-term correction similar to previous phases.
When BTC reached a new high in October 2025, both Google and Baidu's search indices did not surpass the peak search indices of March 2024 and November 2024. This indicates that new users have not truly entered the market yet. So, when is the reasonable time for a concentrated influx of new users? It must be after institutions, exchanges, and large holders possess enough low-cost positions. Therefore, this period can be understood as a phase of accumulation; the goods have not been fully acquired, and the peak has not yet been reached. There will need to be news to trigger price fluctuations to acquire more low-cost positions. From a macro perspective, there is still Christmas momentum in December, following the same logic as the Chinese New Year. U.S. policies are also signaling to the market that a bear market will not start on the eve of excessive liquidity. History tells us that there is a lag in the inflow of funds into the crypto space!
💜② Weak growth of Chinese users
Bitcoin has reached new highs, but the Baidu weekly search index is only 23,731, surprisingly lower than the historical average search index of 23,781! Returning to the average levels of Q2 and Q4 in 2024.
This also somewhat reflects that the influx of new users in China may be skewing younger, with post-2000 and post-2005 users preferring to use AI search engines like DeepSeek and Doubao directly. The usage weight of Baidu search is decreasing, along with the proliferation of VPN services!
Currently, the monthly index is 33, significantly higher than the indices during the bear market periods of 2022, 2023, and Q1-Q3 of 2024, indicating tremendous potential! #加密市场反弹 #ETH走势分析 #特朗普加密新政 #巨鲸动向 🔥🔥
