An unexpected metric has suddenly come to light after Google search interest in “Bitcoin” dropped to its lowest level in a year. That is despite the gains that the cryptocurrency recently registered.
According to Google Trends data, the global weekly relative search volume for the term fell to a value of 17 for the seven days ending October 12. This represents the lowest that the search term has seen within a 7-day timeframe since October 2023. So far this week, it is trending even lower at 14.
Surprisingly, this lack of interest is in sharp contrast to the reality of Bitcoin’s price. In the past 12 months, the prized asset has surged over 142% in value. As of last October, BTC was trading at about $26,850, but now stands at a price of nearly $65,000.
Bitcoin Search Interest Patterns and Market Insights
It doesn’t exactly come as a surprise that there is some level of apprehension in the market. That is considering how the search interest in Bitcoin has not followed the same pattern as its surging value, there may be some apprehension in the market.
However, experts have assured that the lower search volumes do not necessarily mean that a bearish market is approaching for Bitcoin. If anything, it may even be a sign of good times to come.
For instance, Bitget Research’s Chief Analyst Ryan Lee has noted that previous dips in search interest were followed by notable price surges. He recalled that search interest dropped below 20 in late January to early February. That was after the Securities and Exchange Commission (SEC) approved the U.S. spot Bitcoin ETFs. However, Bitcoin would later surge from $41,000 to almost $71,500, following that dip.
Meanwhile, searches for other crypto-related terms show mixed results. Interest in “Ethereum” and “crypto” remains at low levels, while searches for “Solana” and “memecoins” have seen more volatility. The newer term “onchain” spiked earlier this year but has since dropped off.
Related posts:
- Donald Trump: A Likely Bitcoin Price Rally Hero
- BTC Price Surges to New Heights Post-Halving, Touches $67,422
- Bitcoin Whale Awakens After 6 Years, Transfers $61 Million Worth of BTC
- Bitcoin Unlikely to Surge Before US Elections, Historical Data Suggests
- Crypto Market Surges as China Stimulates Economy with Debt Ceiling Hike