Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading?
02 Novembre 2024 - 1:00AM
NEWSBTC
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. Related Reading: Cardano To Soar 22X?
Analyst Sees Opportunity Despite On-Chain Decline 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. Related Reading: Analyst Eyes $6,000 For
Ethereum As Key Support Level Emerges – Details 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
Grafico Azioni Bitcoin (COIN:BTCUSD)
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Da Nov 2024 a Dic 2024
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