After a strong start to 2024, Bitcoin’s price performance has been mostly disappointing throughout the year, failing to capitalize on the strong momentum of exchange-traded funds (ETFs). Despite its choppy nature, Bitcoin price action has been one of the most talked about topics in the cryptocurrency space this year.
However, the latest on-chain data shows that searches for the keyword Bitcoin on Google have crashed to a new yearly low, leaving investors wondering whether the price of BTC is bullish or bearish. Here’s how this will impact the price of the major cryptocurrency.
Is the collapse in Google searches for Bitcoin bullish or bearish?
In a recent post on X, CryptoQuant CEO, Ki Yong open The number of people searching for the keyword Bitcoin on Google has reached a new low in 2024. This observation is based on data from Google Trends, which tracks and measures search interest in a specific topic, place and time.
Source: ki_young_ju/X
An increase in searches for the keyword Bitcoin usually indicates high interest among retail investors. However, the apparent lack of interest based on Google Trends suggests that retail investors are leaving the market or have not yet entered the market in this current cycle.
The dwindling number of Google searches for the keyword BTC is a bullish signal, as it shows that there is still more room for the price of the major cryptocurrency to move to the upside following the influx of retail investors. Furthermore, the cryptocurrency market has historically tended to move in the opposite direction to the public.
This means that the price of Bitcoin often moves higher when most market participants and the cryptocurrency public are bearish. With a decline in the number of searches on Google indicating a lack of interest and low expectations among cryptocurrency enthusiasts, the leading cryptocurrency is likely to see upward price movements.
As of this writing, Bitcoin’s price is around $63,230, reflecting a 1.4% increase over the past 24 hours. According to data from CoinGecko, the market leader rose more than 2% in the past week.
Memecoin search volume will reach a new high in October?
Cryptocurrency Memes, on the other hand, seem to be grabbing all the attention of the crypto crowd at the moment. CryptoQuant founder Young Joo revealed that the search volume for meme coins on Google is expected to reach an all-time high in October 2024.
Google Memecoin search volume is expected to reach an all-time high this month. pic.twitter.com/ZOfsLFwGmH
– Ki Young Ju (@ki_young_ju) October 12, 2024
This shows that there seems to be a growing interest in meme tokens, which have been some of the biggest winners in 2024. According to data from CoinGecko, nine meme tokens have made their way into the top 100 cryptocurrencies by market cap. These assets include; DOGE, SHIB, PEPE, WIF, BONK, POPCAT, FLOKI, BRETT, and NEIRO.
The price of BTC on a daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView
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