Interest in the largest cryptocurrency, Bitcoin, continues to decline and Google search data seems to demonstrate it in recent weeks.
Recent data indicates a significant decline in Bitcoins [BTC] popularity, particularly evident by the declining number of BTC-related Google searches in recent years. Compared to artificial intelligence (AI) searches on Google, BTC search volume is notably low.
Google search data shows that interest in Bitcoin is noticeably worsening over the past few weeks. Despite some price recovery this year, interest is far from the peak moments of recent years, especially 2021.
Therefore, the word Bitcoin in search engines fell to the level of 2020, which is presented as something absolutely negative. The correlation between BTC price and Google Trends metrics is considerably high.
Consequently, when people are not on Google researching cryptocurrency, it is unlikely that they will tend to invest. On the contrary, when the desire to know increases, this implicitly implies a purchase intention. Thus, if searches become generalized, it means that a purchasing period is approaching that could increase the price.
Interest in Bitcoin on Google Remains Very Low
In terms of social dominance, Bitcoin’s presence on the social front fell from 30.74% to 16.8% in recent weeks. Furthermore, since last month, sentiment around Bitcoin has continued to decline. This indicated that the number of negative comments about Bitcoin exceeded the number of positive comments at the time of publication.
For the last two years, the word Bitcoin in Google searches is on a downward trend. The same can be said for the price, which touched $69,000 per coin in 2021 and is now down more than 60%.
The price of the currency experienced a notable year-on-year recovery, the epicenter of which was the first half of 2023. Despite this, the sensation of popularity on the network continued to decline and this October 12 fell to levels not seen since 2020.
The score observed on the platform is 15 in the week ending October 14. This is a similar level to that presented in the same month of 2020. Last week, the score was also placed at a similar point between 15 and 16.
This score is equivalent to the comparison seen with the maximum (100) of 2021 and 2022. The winter in the world of cryptocurrencies became a devastating factor for people’s interest in investments in this currency. Hence there are not many intentions to investigate it either.
Bitcoin Google searches can be expected to improve if the currency actually enters a bull market.
Is the Bull Market Coming?
The very characteristics of cryptocurrencies make them a very difficult asset to understand when it comes to forecasts. These currencies have a low market capitalization and a short trading volume that makes them victims of high price volatility.
However, there are some theories and analyzes that allow us to roughly guess the future price behavior of the cryptocurrency. One of them is the cyclical theory based on halvings. If this is taken as true, it means that the next bullish cycle of BTC would occur at the end of 2024.
Investors who are buying now trust in that possibility. However, this theory is not infallible, given that the price of Bitcoin depends on many internal factors that could play a very strong role. One of them is the monetary policy of the US Fed and the approaches of regulators.
By Audy Castaneda
