After a powerful start to 2024, Bitcoin prices have been largely disappointing throughout the year, failing to capitalize on the powerful momentum of spot ETFs. Despite its stop-start nature, BTC price action has been one of the most talked about topics in the cryptocurrency space this year.
However, the latest on-chain data shows that Google searches for the Bitcoin keyword have dropped to a fresh yearly low, leaving investors wondering whether the BTC price is bullish or bearish. Here’s how this could affect the price of the flagship cryptocurrency.
Is Bitcoin Crash in Google Search Bullish or Bearish?
In a recent post on X, CryptoQuant CEO Ki Juvenile revealed that the number of people searching for the Bitcoin keyword on Google has reached a fresh low in 2024. This observation is based on data from Google Trends, which tracks and measures search interest in a specific topic, place and time.
Source: ki_young_ju/X
Typically, an escalate in searches for the Bitcoin keyword suggests powerful interest among retail investors. However, the clear lack of interest based on Google Trends indicates that individual investors are exiting or entering the market in the current cycle.
The decreasing number of Google searches for the BTC keyword is a bullish signal because it shows that there is still more room for the price of the top cryptocurrency to rise following the influx of retail investors. Moreover, the cryptocurrency market historically tends to move in the opposite direction of the crowd.
This means that Bitcoin’s price often increases when most market participants and the cryptocurrency crowd are bearish. With fewer Google searches suggesting a lack of interest and low expectations among cryptocurrency enthusiasts, the leading cryptocurrency is likely to see upward price movements.
At the time of writing, Bitcoin is trading at around $63,230, reflecting an escalate of 1.4% in the last 24 hours. According to CoinGecko data, the market leader has increased by over 2% over the past week.
Memecoin search volume to hit fresh peak in October?
On the other hand, meme coins seem to be getting all the attention from the cryptocurrency crowd these days. CryptoQuant founder Juvenile Ju revealed that meme searches on Google Search are expected to reach an all-time high in October 2024.
Google searches for Memecoin are expected to hit an all-time high this month. pic.twitter.com/ZOfsLFwGmH
— Ki Juvenile Ju (@ki_young_ju) October 12, 2024
This shows that there appears to be a growing interest in meme tokens, which were among the biggest winners in 2024. According to CoinGecko data, nine meme coins made it to 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 by Dall.E, chart from TradingView
