Bitcoin Interest Drops to Pre-bull Run Levels

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  • Interest in Bitcoin has fallen to December 2020 levels
  • Google searches for ‘bitcoin’ have undone 16 months of growth as price action has stagnated
  • Search volume has still not fallen away as sharply as with prior bull runs

Interest in Bitcoin from retail investors has hit lows not seen since before the 2020/21 bull run, showing how Bitcoin is taking a back seat in the wider public consciousness. Google trends information for ‘bitcoin’ searches shows that search volume for the term is at the same level as it was in early December 2020 when Bitcoin was threatening to break then-highs of $20,000. Google trends information is one of a number of indicators that can help indicate the state of a market, and right now Bitcoin is clearly in stagnation mode.

Google Search Trendline Downhill Since May 2021

Google trends data for ‘bitcoin’ searches shows us that interest in the subject peaked in May 2021 and has continued on a downward trajectory ever since, with even the November pump to new highs not having a big impact:

bitcoin searches 1

Searches for Bitcoin are now as low as they were before the 2021 bull market ever happened, while the Fear and Greed Index shows that sentiment has never been above average throughout the whole of 2022:

bitcoin searches 2

This data, combined with the choppy price action that shows no sign of resolving itself into a direction and the predictions of doom and gloom to come throughout 2022 all paint a picture of an asset class that faces an uncertain future, at least in the short to mid-term.

Bitcoin Interest Holding Better Than Past Years

There is a point of light on the horizon however for those who think that we’re about to enter a sub-$30,000 bear market. Typically, interest falls away dramatically after a bull market has topped out, followed by years of low levels of activity. This time round however we can see a different pattern:

fear and greed

As we can see, there has been no sharp collapse, and indeed ‘Bitcoin’ has only been half as popular a search query as it was in 2017. This suggest that there is still more residual interest in Bitcoin than there has been after any other bull run, a level of interest which suggests that the big bull run is yet to happen.

Fingers crossed everyone!