Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading?

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As a seasoned crypto investor with over a decade of experience in this volatile yet intriguing market, I find myself both excited and cautiously optimistic about the current state of Bitcoin. The slight dip below $71,000 might have been disappointing to some investors who were expecting a swift march towards the $73,700 mark, but the overall performance still feels like a promising prelude to something significant.

Information indicates that the value of Bitcoin dropped slightly within the past day, yet it still maintains its position near the $69,000 mark following a surge over $73,000 a few days prior.

Although Bitcoin’s price has significantly increased, there hasn’t been a corresponding surge in public interest, as demonstrated by consistent levels of Google search activity regarding the cryptocurrency.

Bitcoin Nears All-Time High

In October 2024, Bitcoin continued to perform admirably, even though its price dipped slightly from around $71,000 to $70,800. This fall was short of the investor’s anticipation for Bitcoin to reach $73,700.

Regardless of the drop, this month has largely proven beneficial for Bitcoin as its progress neared a record high.

The records indicate that Bitcoin typically experiences a significant boost in value during the month of October.

Based on data from Lookonchain, it has been observed that the cryptocurrency consistently saw notable increases in value during October. This pattern of growth has been evident since 2013.

In the previous year, Bitcoin’s surge in October resulted in a 28% increase in its value. This significant rise, as per analysts, marked the beginning of a five-month upward trend in its price.

As a researcher, I observed an intriguing trend during the bull run. Initially, Bitcoin (BTC) was priced at $26,965, and over several ensuing months, it steadily picked up speed. By March 2024, this digital asset surpassed the significant threshold of $73,000, a testament to its resilience and potential.

Could Bitcoin see a repeat of its price trend from last year, culminating in a potential price surge by the end of October 2024?

Interesting Phenomenon

It’s worth noting that although Bitcoin is almost reaching a record high and seems to be doing well, an analyst has pointed out a peculiar occurrence.

Experts noted that Bitcoin’s price is approaching an all-time high, yet interest in it online seems to be decreasing, as indicated by relatively few Google searches about Bitcoin. This may suggest that retail involvement in Bitcoin isn’t particularly high, even with the price increase.

Based on AltIndex data, the score for Bitcoin on Google’s search trends stands at 37 out of 100, suggesting that relatively few individuals are conducting searches for Bitcoin using Google as their search engine.

BTC Bull Run And Google Searches

Experts have pointed out that the surge in Bitcoin’s value (Bitcoin bull run) tends to align with increased interest in Bitcoin, as indicated by higher search volumes on Google for Bitcoin-related topics.

The remarkable surge of Bitcoin in 2017 provides a striking illustration of this correlation. As the price skyrocketed to around $20,000, its Google Trends score peaked at 80 out of 100. Interestingly, analysts have noted similar trends during other Bitcoin bull runs, such as the one observed from late 2020 through 2021.

Historically, Bitcoin’s price surges have coincided with increased searches about it on Google. However, this correlation isn’t apparent right now.

Is it likely that Google search volume will continue to play a significant role in predicting Bitcoin’s price fluctuations? This is a factor that investors and analysts should closely monitor over the coming months.

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2024-11-02 03:05