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

Christian Encila

7 months ago

2 mins read

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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.

BTC price up in the last week. Source: Coingecko

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.

Bitcoin is currently trading at $69,549. Chart: TradingView

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.