- Google search interest for Bitcoin is down around 70% from its May peak
- Bitcoin searches are now as common as they were in December 2020
- What can we learn from looking at the short- and long-term data?
Google searches interest for Bitcoin has crashed to December 2020 levels as the world moves on from the hype surrounding its run to $65,000 and the drama caused by the interference of Elon Musk and China. This drop in interest has been matched by stagnation in the price, which is the typical cycle for Bitcoin during its post-bull market stage, but the figures from early 2021 peak show that there may be more juice in the tank yet.
Bitcoin Search Interest Has Collapsed Since May
As we can see, interest in Bitcoin topped out in May during its headline-making days when Elon Musk and China were doing their best to crash the price:
Since then, Google searches for Bitcoin have plummeted to levels we last saw in late December when it was breaking its prior all time high of $20,000. This has coincided with the price stagnating in the $30,000-$40,000 range, and more recently in the $31,000-$35,000 range. This is a pattern we have seen in prior cycles, where all the hype is generated towards the end of a cycle and then takes a long time to get going:
Long Term Chart Hints at Further Rises
What’s interesting to note when we look at this longer-term chart is that, even at its peak in May, Google search interest for Bitcoin was still markedly lower than the top in 2017. This is even more interesting when you think that the searches during the December 2017 peak would have only been about the price.
To compare to 2021, this would be the same as the first spike in January when price topped out at $65,000, with interest in Bitcoin being just under 75% as high as it was at the same stage in 2017. With Bitcoin being a bigger commodity in many ways in 2021 it is surprising for search interest to be lower this time round, but this could mean that the big one is yet to come…