Key Takeaways
- Bitcoin's weekly search volume hits the lowest level in a year.
- The price of Bitcoin has increased by 142% in the past 12 months.
- Low search interest in Bitcoin has previously preceded price rallies.
Google’s relative search volume for “bitcoin” has hit its lowest weekly level since October 2023, with a value of 17 for the seven days ending October 12, 2024, according to Google Trends data.
This marks a significant drop in search interest, despite Bitcoin’s price rising by 142% in the past year, reaching $66,000 from around $26,850.
Comparison
For comparison, the search term “bitcoin” registered a low of 15 for the week ending October 14, 2023.
In the United States, interest also hit its lowest level, with a score of 16. The peak search volume this year occurred in March when Bitcoin reached an all-time high of nearly $74,000.
Research
Interestingly, the drop in relative search interest does not necessarily correlate with a bearish market.
Bitget Research analyst Ryan Lee noted that previous low-interest periods, such as January to February 2024, preceded major price rallies, with Bitcoin climbing from $41,000 to $71,500.
