Nick Colas, DataTrek Research‘s co-founder, has depicted a rather simple way to track Bitcoin in anticipation of the next spike. While investigating Google searches for “Bitcoin” may seem an overly simplistic methodology, Colas was the first analyst to track Bitcoin diligently, and his opinions come highly qualified.
Ultimately, analyzing Google searches for “Bitcoin” and following wallet growth can give speculators an excellent overview of where sentiment is headed, Colas maintained.
Analytics for the layman
Speaking to CNBC’s Trading Nation, Colas said: