Decline in Search Interest
Search volume for "bitcoin" on Google has fallen to its lowest point in a year, even as bitcoin’s price surged 142% over the same period. Data from Google Trends revealed a relative search interest score of 17 for the term “bitcoin” for the seven days ending October 12, down from peak interest in March when bitcoin neared $74,000.
Bitcoin Price Action and Search Trends
Historically, low search volume hasn't necessarily signaled bearish trends for bitcoin’s price. In early 2023, search interest was similarly low just before a bitcoin rally. Analysts suggest this pattern could mean the current low-interest phase is a potential buying opportunity as public attention is scarce, allowing for position-building ahead of future price surges.
Mixed Interest in Related Crypto Terms
Other search terms in the crypto space show varied interest levels. For example, "NFTs" and "Ethereum" search volumes have also dropped, while "memecoins" and "AI" maintain high levels of interest. These trends hint at changing interests within the digital asset space, with emerging sectors like AI drawing attention alongside traditional crypto assets.
Source:
The Block
