Categories: Bitcoin Latest News

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

Reports showed that Bitcoin price slightly dipped in the last 24 hours but continues to hang on the $69,000 level after breaching over $73,000 several days ago.

Despite the impressive BTC price hike, interest in the cryptocurrency is not picking up as Google searches remained flat.

Bitcoin Nears All-Time High

Bitcoin still performed well last October 2024 despite experiencing a slight decrease in price, falling below $71,000 to $70,800 and failing to meet investors’ expectations of the coin hitting the $73,700 mark.

Despite the dip, it has been a good month for BTC because its performance nearly reached an all-time high.

Records showed that October has always been a pivotal month for Bitcoin to gain momentum for a price upsurge.

According to Lookonchain, the cryptocurrency consistently obtained significant gains in October, a recurring trend since 2013.

Last year, Bitcoin’s October rally brought a 28% gain for the coin which according to analysts paved the way to a five-month price upswing.

During the bull run, BTC started at $26,965 and gradually gained momentum over the succeeding months, breaching the $73,000 barrier in March 2024.

Will BTC repeat the same price movement as last year? A price rally could unfold as October 2024 ends.

Interesting Phenomenon

Bitcoin might be performing well and nearly hitting an all-time high, but an analysts noted a bizarre phenomenon.

Analysts remarked that BTC is near its record high, but its online mentions are falling behind, saying, Google searches for Bitcoin remained notably low. It could mean that there is little retail participation despite the price upsurge.

According to AltIndex, the cryptocurrency’s score at Google Trend is 37 out of 100, indicating that only a small number of people are searching for Bitcoin on the search engine Google.

BTC Bull Run And Google Searches

Analysts said that there is a relationship between the previous Bitcoin bull run and Google Trends, adding that usually, bull runs coincide with an uptick in BTC search volume.

Bitcoin’s bull run in 2017 serves as a prime example of this relationship. Analysts explained that during the said price rally, Bitcoin went up about $20,000 while its Google Trends score reached 80 out of 100. A trend that analysts have also seen during BTC’s bull run in the late 2020 to 2021.

Historically, BTC price rallies occurred simultaneously with significant search interest on Google, something that is not happening yet at the moment.

Would the search volume in Google remain a key indicator of BTC’s price movement? It is something that investors and analysts will have to keep an eye on the upcoming months.

Featured image from DL News, chart from TradingView

[#item_full_content]NewsBTCRead More

Recent Posts

Tracking Bitcoin’s Profit Cycles: Could A New Market High Be Near?

Bitcoin price has seen many cycles over the years, marked by distinct growth phases, peaks,…

2 hours ago

Coinbase Is Embarrassing Itself By Not Buying Bitcoin

Really, at this point, Coinbase is just embarrassing itself by not buying Bitcoin and doing…

5 hours ago

How To Trade Bitcoin During The US Election, Expert Reveals

As the United States approaches its presidential election on Tuesday, November 5, 2024, the Bitcoin…

7 hours ago

Crypto Reverses Early Gains, Bitcoin Dives Back to $69K

Prices had rallied early in U.S. trading on Friday alongside a soft economic data and…

8 hours ago

Bitcoin Mining Bans Can Backfire on Climate Conscious Governments, a New Research Finds

The intensive energy usage of the Bitcoin network could tempt governments to ban mining due…

9 hours ago

Bitcoin All Time High Has Been Postponed — Please HODL

Follow Nikolaus On X Here This is your captain speaking: Due to regulatory uncertainties regarding…

9 hours ago