Reports have shown this Bitcoin price it has dropped slightly over the last 24 hours but is still trading at $69,000 after breaking above $73,000 a few days ago.

Despite the impressive escalate in the price of BTC, interest in the cryptocurrency does not escalate as the number of searches on Google remains unchanged.

Bitcoin close to all-time high

Bitcoin continued to perform well in October 2024 despite a slight decline in price, which fell from $71,000 to $70,800 and failed to meet investors’ expectations that the coin would reach $73,700.

Despite the decline, it was a good month for BTC as its prices almost reached an all-time high.

The data showed that October has always been a key month for Bitcoin to gain momentum for price increases.

According to Lookonchain, the cryptocurrency has consistently made significant gains in October, a trend that has been repeated since 2013.

Last year, Bitcoin’s October surge saw a 28% escalate in the coin’s price, which analysts said paved the way for a five-month price rally.

During the bull market, the BTC price started at $26,965 and gradually gained momentum in the following months, breaking the $73,000 barrier in March 2024.

Will BTC repeat the same price movement as last year? Price increases may occur at the end of October 2024.

An compelling phenomenon

Bitcoin may be doing well and almost hitting an all-time high, but analysts have noticed a strange phenomenon.

Analysts noted that BTC is near a record high, but online mentions of it are lagging, saying that Google searches for Bitcoin have remained particularly low. This may mean that despite the price escalate, the share of retail trade is miniature.

According to AltIndex, the cryptocurrency’s Google Trend score is 37 out of 100, which means that only a miniature number of people search for Bitcoin in Google search.

BTC Bull Run and Google Searches

Analysts said there is a connection between the previous Bitcoin bull market and Google Trends, adding that usually the bull market coincides with an escalate in BTC searches.

Bitcoin’s powerful run in 2017 is a perfect example of this relationship. The analysts explained that during the mentioned price surge, Bitcoin increased by approximately $20,000 and its Google Trends score reached 80 out of 100. A trend that the analysts also observed during the BTC bull run in slow 2020-2021.

Historically, BTC price increases have occurred simultaneously with significant interest in Google searches, which is not the case yet.

Will Google search volume remain a key indicator of BTC price movements? This is something investors and analysts will need to pay attention to in the coming months.

Featured image from DL News, chart from TradingView