It’s been a while since we looked into Google Trends to analyze the interest in Bitcoin amid the emergence of new exchange-traded ETFs and the rapid increase in the market price of the first cryptocurrency. One might expect the interest in Bitcoin to be close to the maximum 100 points.
But that’s not the case. A study of search queries with the word “Bitcoin” in Google Trends showed that interest in Bitcoin is currently quite low, despite its price soaring above the $50,000 mark.
However, the anticipation of the upcoming halving reached a 90-day peak. Scheduled for April 2024, this significant event will reduce the pace of generating new Bitcoins by 50%, causing a shortage of the coin and widespread interest in the topic.
The frenzy around the halving reached its apex, scoring 100 points in Google Trends just a week from February 12, 2024. This spike, measured over a 90-day period using global Google Trends data, began its upward trajectory at the beginning of January.
By January 24, 2024, the phrase “Bitcoin halving” had already scored 40 out of 100, gradually increasing until it reached its peak last Monday. At the time of writing this article, the search query maintains a high score – 96 out of 100.
Interest in the phrase “Bitcoin halving” tends to grow as the expected event, which is forecasted to occur around April 19, 2024, approaches. This growing interest particularly comes from those less familiar with BTC, intrigued by its unique nature, which sharply contrasts with traditional fiat currencies.
The concept of the protocol, which entails halving the volume of new issuance every 210,000 blocks, ensures scarcity and serves as a protection against inflation. Over a three-month period, Benin, a country in West Africa, became the leading region showing increased interest in the term “Bitcoin halving.”
Following Benin, the top five regions showing increased interest in the “halving” include the Netherlands, Switzerland, Singapore, and Austria. Search queries also include questions like “how many satoshis are in a Bitcoin” and “reasons for Bitcoin’s scarcity.”
The hype around the halving covers the entire digital sphere, with discussions boiling over on all social platforms, along with numerous Reddit threads dedicated to this topic. People are pondering the future value of BTC after the halving and the reasons for the usual price drops preceding each halving.
The collective intrigue around the halving underscores the growing recognition of Bitcoin’s unique economic model, paving the way for an intriguing chapter in the evolution of digital finance.
In simple terms, this can be explained as follows. Those who missed the 60% rise in Bitcoin are now hesitating whether to buy BTC at such a high price today, or if they will have a chance to do so before the halving during a possible dip, which has always historically occurred before the halving.
Since a rise usually occurs 90-200 days after the halving, facilitating Bitcoin to reach new highs. There are also other factors suggesting that the sell-off of the first cryptocurrency may end in 2024, and more favorable prices for buying may no longer be seen.
By December, there is a high likelihood of the approval of the first spot Bitcoin ETFs, which could influence the growth of the first cryptocurrency much more strongly than the approval of new 11 exchange-traded Bitcoin ETFs in January.