Search interest for bitcoin, the flagship cryptocurrency, has notably started rising this month after the price of most cryptocurrencies plummeted. Search interest has notably been correlated with BTC’s price so far, which has seen some analysts point to a potential future bull run.
According to Google Trends data, searches for the keyword “bitcoin” started rising at about the same time its price started dropping. The drop, as CryptoGlobe covered, saw its price dip under $5,000 for the first time since October of 2017.
The rise in search interest for the cryptocurrency can presumably be attributed to various mainstream news outlets picking up on the cryptocurrency’s price performance In what some have claimed were hit pieces.
Notably, bitcoin’s search interest hit an all-time high at about the same time its price did as well. In December of last year, when bitcoin hit a near $20,000 all-time high, its search interest hit 100 on Google Trends.
The cryptocurrency’s price decline was coupled with low search interest. At press time, it’s trading at about $4,350 after rising 0.2% in the last 24 hours, according to CryptoCompare data.
Some analysts have suggested the rise in search interest could lead to a price rise, as was the case in the past. While some believed a trend reversal would come in December of this year when Bakkt launched its physically settled bitcoin futures contracts, the firm has revealed they’ve been postponed to January 24.
Bitcoin’s price decline has been so severe the even miners are struggling to stay afloat. This has seen its hashrate plummet nearly 44% from its all-time high in August of this year, as it’s currently at little under 40 exahash.
Despite the downtrend some are still bullish. Jani Ziedins, as covered, has claimed BTC will hit a buy zone when it comes close to the $3,500 mark and will then bounce to test the $5,000 mark once again. Zhao Dong, a well-known cryptocurrency billionaire in China, has also recently predicted that the flagship cryptocurrency’s price will surge to $50,000 within the next three years.
