Despite the continued decline in the price of Bitcoin, Google Trends shows a recent increase in the popularity of the cryptocurrency as a search term. This news is a reversal of the established trend for most of the year when BTC Google searches had a prolonged decrease.
Numbers Reach April Bull Run Levels
Bitcoin, the top-ranked cryptocurrency based on market capitalization, appears to be a popular Google search term once again. According to Google Trends, BTC searches on Google is now at an eight-month high.
Presently, the popular cryptocurrency like the rest of the market is experiencing a massive slide which began in mid-November. However, it seems the current price action is causing a reawakening of interest on the cryptocurrency within the general public.
The current Bitcoin interest, according to Google Trends, is on the same level as it was in April. At that time, BTC staged a significant price rally from $7,000, eclipsing the $10,000 price mark. Since then, interest continuously dropped, reaching an 18-month low as reported by Live Bitcoin News at the start of October 2018.
The decline was most likely due to the prolonged period of sideways trading that characterized the market since Q2 2018. With little in the way of significant price movements, people interest dwindled at least from a Google Trends perspective.
However, with the publicity being generated from the recent sudden price plummet and the saga surrounding the Bitcoin Cash hard fork, it is perhaps unsurprising to see an uptick in public interest. However, it is important to point out that the present levels are nowhere near the interest levels during the massive bull run of late 2017.
Bitcoin Price Continues to Decline
While public interest is on the up, price continues to go firmly in the opposite direction. In the late hours of Saturday (November 24, 2018) UTC, Bitcoin fell below $4,000. Late September 2017 was the last time the top-ranked cryptocurrency traded in the sub-$4,000 price region.
Reposting this chart from four days ago. $4,000 was never an important level anyway.
Next area of support is between $3,000 to $3,500. https://t.co/YvtDePt9dR
— Mati (@MatiGreenspan) November 25, 2018
Some observers like Mati Greenspan, Senior Market Analyst at eToro, believe that BTC’s support level is somewhere between the $3,500 and $3,000 level. While some optimists still retain bullish hopes, the current situation doesn’t yet show signs of a trend reversal.
What do you make of the increase in Bitcoin Google searches? Is it a case of bad news spreading quickly? Let us know your thoughts in the comment section below.
Images courtesy of Google Trends, Twitter/@MatiGreenspan, Shutterstock