Google Search Engine Trends Show “Bitcoin Price” Term is Slowly Vanishing in Year-Long Bear Market
According to a recent crypto media report, using search trends analysis of Google we can arrive at the conclusion that the ‘bitcoin price' search term is gradually losing interest – for now – as we are obviously in a year long bear market to date. The provided chart can be customized as per the time range one chooses. Here at Bitcoin Exchange Guide, we thought it would be interesting to see within a two-year time frame, as opposed to the moment of Bitcoin’s existence, as not much has changed until the week of May 2017. The analysis that is about to come focuses solely on the United States.
Google Trends’ reporting seems to fall well with how consumers have responded upon hearing news on the digital asset. In particular, the search term was most popular between November 19 and 25, 2017, as that was the period in which Bitcoin saw continuous growth in its prices.
Similarly, the highest peak on the provided line chart dates back to December 17 to 23, 2017 as the giant reached its all-time high of nearly USD $19,768. The numbers make sense primarily due to the associating factors with rising prices, i.e. future price predictions and return on investment (ROI).
Unfortunately, December 2017 marks the most recent interest spark in the ‘Bitcoin price’, as consumers’ yearn to look up the term has seen a continuous drop since. More specifically, the steepest drop occurred in the first week of January 2018, which is interesting, as it was a temporary time in which altcoins did well. If the trends keep dropping as is, today’s interest will reflect that of early 2017, worse, Bitcoin’s earlier presence (i.e. one of the most doubtful outlooks ever).
The crypto media reporter also noted that Google Trends offered information related to the terms, ‘Hodl’ and ‘Rekt’, where the former is a popular meme that the crypto sphere refers to as fighting the urge to sell one’s holdings, whereas the latter signifies ridiculous losses incurred.
The term ‘Hodl’ was popular, exclusively during the time where Bitcoin saw continuous growth, as it means more profits for those who continued to hold. Unfortunately, hodl is losing popularity as well. Now that many have and are incessantly making losses it only makes sense for consumers to look up ‘Rekt’.
What are your thoughts on Google Trends’ recent compilation? To see the trends yourself, check out: https://trends.google.com/trends/explore?q=Bitcoin%20price&geo=US