Bitcoin Is Stronger Than Ever, But is Investor Interest Falling? A Look at Google Trends
Bitcoin has hit its lowest point in four months now. Before you panic, though, let’s be clear: we’re not talking about price. While the prices of the token are still stable and are above $10,200 USD at the time of this report, the lows are linked to Google searches for the asset.
Data extracted from Google Trends shows that the interest in Bitcoin is going downhill. On a scale that goes from 1 to 100, Bitcoin peaked during the week that comprised June 23 to 29, reaching 100 points. This week, it has only 33 points. The last time that the asset scored so low was when it had 24 points on March 24 to 30.
The peak coincided with prices reaching $13,800 USD, but as they did not grow any higher than that, speculators and casual investors seem to be losing interest in the asset.
It has been proven that interest follows price. Whenever the price is quickly going up or when it goes down very fast, searches go up. What the token needs right now in order to get some more popular interest again is to breach the $10,000 barrier once more. Despite dipping below the value quite a few times recently, the asset has been struggling to go over it.
If more parabolic upward movement happens, it is certain that the interest would pick up. Now, if we are to believe Bitcoin analysts, we just have to wait until the next bull run is upon us.