Following a strong start to 2024, the Bitcoin price performance has been mostly disappointing all year, failing to capitalize on the strong momentum of the spot exchange-traded funds (ETFs). Despite its stop-start nature, BTC’s price action has been one of the most-talked topics in the crypto space this year.
However, the latest on-chain data shows the searches for the Bitcoin keyword on the Google search engine have crashed to a new yearly low, leaving investors wondering whether it’s bullish or bearish for the BTC price. Here’s how it might impact the price of the flagship cryptocurrency.
Is The Crash In Bitcoin Google Searches Bullish Or Bearish?
In a recent post on X, CryptoQuant CEO Ki Young revealed that the number of people searching for the Bitcoin keyword on Google has reached a new low in 2024. This observation is based on data from Google Trends, which tracks and measures search interest in a particular topic, place, and time.
Source: ki_young_ju/X
Typically, an increase in the search for the Bitcoin keyword suggests a substantial interest amongst retail investors. However, the obvious lack of interest based on Google Trends indicates that retail investors are departing or yet to enter the market in this current cycle.
The dwindling number of Google searches for the BTC keyword is a bullish signal, as it shows that there is still more room for the premier cryptocurrency’s price to move to the upside following an influx of retail investors. Moreover, the crypto market historically tends to move in the opposite direction of the crowd.
This means that the price of Bitcoin often moves higher when most market participants and the crypto crowd are bearish. With a lower number of searches on Google suggesting a lack of interest and low expectations among crypto enthusiasts, the premier cryptocurrency is likely to witness bullish price movements.
As of this writing, the price of Bitcoin stands at around $63,230, reflecting a 1.4% increase in the past 24 hours. According to data from CoinGecko, the market leader is up by more than 2% in the past week.
Memecoin Search Volume To Reach New High In October?
Meme coins, on the other hand, seem to be capturing all of the crypto crowd’s attention at the moment. CryptoQuant founder Young Ju revealed that meme coins’ search volume on the Google search engine is expected to reach an all-time high in October 2024.
Memecoin Google search volume is expected to reach an all-time high this month. pic.twitter.com/ZOfsLFwGmH
— Ki Young Ju (@ki_young_ju) October 12, 2024
This shows that there seems to be growing interest in meme tokens, which have been some of the biggest winners in 2024. According to data from CoinGecko, nine meme coins have made their way into the top 100 cryptocurrencies by market capitalization. These assets include; DOGE, SHIB, PEPE, WIF, BONK, POPCAT, FLOKI, BRETT, and NEIRO.
The price of BTC on a daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView
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