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Bitcoin Google Search Trends Drop Back to Bear Market Levels Despite Price Highs

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin search trends have returned to bear market lows, with engagement down around 80% compared to the ETF approval week.
  • Despite Bitcoin prices nearing two-year highs, retail interest and search engagement are at a quarter of the levels seen during the 2021 bull market.
  • While Reddit posts and comments are at bear market lows, the Bitcoin fear and greed index indicates a different sentiment with an output of 70, "greed".
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Crypto markets and Bitcoin prices may be close to two-year highs, but retail interest and search engagement have fallen back to bear market lows. Crypto social media and Google Trends show very low engagement rates at the moment. 

Engagement compared to the ETF approval week is down around 80% and has returned to bear market levels again.

Bitcoin Google Searches Sluggish 

According to Google Trends, searches for ‘Bitcoin’ are back at cycle-low levels again. This follows a brief spike in January when the spot ETFs were launched in the United States. 

Bitcoin Archive commented on the search trends, saying:

“I don’t know what the implications are for the shape of this cycle, but it does seem that we are very early, still.”

Bitcoin Search Trends. Source: Google
Bitcoin Search Trends. Source: Google

They compared Bitcoin search trend activity to previous years. There was an increase in Twitter activity around October and November 2020 as BTC broke $15,000. However, it is now down 85% from the previous all-time high. It is the same situation for Ethereum search trends despite ETH staking hitting record levels

“It still feels like a bear-market ghost town sort of vibe. Same regulars posting and engaging, perhaps more often, but it’s still the same crew.”

Search trends are currently at a quarter of the levels they hit during the 2021 bull market, yet Bitcoin prices are just 30% away from all-time highs. 

Read more: How To Buy Bitcoin (BTC) on eToro: A Step-by-Step Guide

They also took a look at the Bitcoin subreddit, which was

“Growing steadily, but there’s no bump.” 

Moreover, Reddit posts and comments are both at bear market lows, with no rise in activity or interest. 

Nevertheless, the Bitcoin fear and greed index tells a different story, with a ‘greed’ reading of 70. The index went as high as 94 in December 2020 but has never returned to those levels of extreme greed since. 

No FOMO Until ATH

Observers are largely in agreement that retail FOMO (fear of missing out) usually comes around the market peak, which could still be a year away. 

Therefore, price discovery above $70,000 could be the trigger to spark the next wave of retail FOMO. 

Investor and analyst Fred Krueger commented that, in general, most Americans aren’t that interested in investing.

“They only get interested when they think they can make a lot of money quickly. Searches for “stocks” etc. show the same pattern. They get really interested right around parabolic moves up.”

At the time of writing, BTC was trading at around $48,000 following a 12% increase over the past seven days, so somebody is paying attention. 

Top crypto platforms in the US | March 2024

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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