Bitcoin’s (BTC) price is currently just 45 percent off of its all-time high. However, Google search interest in the leading cryptocurrency is lagging behind from the levels seen at its peak in 2017.
Judging from Google trends, Bitcoin’s recent rise is still flying under the radar.
Cryptocurrency analyst Yassine Elmandjra (@yassineARK) recently reported that Bitcoin is currently only at 10 percent of its all-time highest Google search interest.
Google Search Interest in Bitcoin is Lagging
The lagging Google search interest is indicative of how much price discovery has yet to happen for Bitcoin (BTC). Despite being close to half of its all-time-high in price, Google interest has not kept up proportionally. One can only imagine how markets will respond once interest meets the levels seen during the 2017 bull run.
Although institutional interest is likely at its highest point ever, everyday investors are not buying Bitcoin in massive numbers yet, nor searching about it. Luckily, Bitcoin’s fundamentals are currently stronger than they ever have been.
Once Google interest picks up, we can almost definitively say the next bullish wave is here.
Media Hype Cycles
The low Google search interest in Bitcoin, despite the price rise, can mostly be explained by media cycles.
Currently, media interest in Bitcoin is nowhere near what it was in 2017. Despite the cryptocurrency sector maturing significantly, the price will likely need to keep spiking to bring in new media engagement.
Altogether, there’s room for optimism. Search interest generally lags behind price movements. In short, the fact that Google searches are so low means that we are still early in the market cycle. That’s good news for those looking to accumulate before the floodgates open by more retail investors and everyday consumers.
Keep your eye on Google trends in the coming weeks. It’s a good way to gauge the peaks and lows of market sentiment. By all current metrics, the recent rally is just a taste of what we can expect in the coming year.
Do you believe Google search interest indicates that Bitcoin’s price discovery is being underreported? Let us know your thoughts in the comments below.
Disclaimer: This article is not financial advice and should not be taken as such.