Bitcoin Halving Searches on Google Are at an All-Time High

Google searches are often among the best ways to measure retail interest in cryptocurrencies. Bitcoin’s halving, set to take place in mid-May, has been highly anticipated — and there’s been a rapid increase in Google search interest as a result. Google Trends is showing that the public is researching Bitcoin’s halving event like never before. In fact, there are more Google searches for “Bitcoin Halving” today than there were before the last halving in 2016. It’s a bullish sign as we come closer and closer to the supply of new bitcoins being cut in half.

It is currently unclear whether we will see an increase in Bitcoin buying activity as we come closer to the halving event. Many analysts are still maintaining that BTC miners may further exacerbate the sell-off to lock-in profits before the event. Morgan Creek Digital has predicted that Bitcoin won’t see an all-time high until afterward — an outlook that has been true historically. Despite the increase in Google search interest, the uptick has yet to be reflected in price or trading volume. Currently, Bitcoin’s RSI is at its lowest point before any other halving in its history. This may indicate that it is oversold.

The cryptocurrency market still has macroeconomic conditions to contend with. With the International Monetary Fund (IMF) now predicting a major recession due to the global lockdown, retail investors may be less likely to put their money into Bitcoin. The market-leading cryptocurrency also has a tendency to follow the S&P 500, so traders should follow mainstream financial markets closely. The halving is the most important event in the cryptocurrency space, but Bitcoin has never experienced a macroeconomic situation like this one before. It was born out of the 2008 financial crisis and now it must contend with its first-ever economic recession. The future, therefore, remains open to speculation and uncertainty.