Interest in Bitcoin (BTC) Plunges to Lowest Level Since 2020
Search interest in Bitcoin, the pioneer digital currency, has dipped to its lowest level since October 2020, according to Google Trends data. The flagship cryptocurrency is currently sitting at the $27,500 level.
Dwindling interest
Recent data shows that search interest recently hit 14. This is a stark contrast to its peak of 100 in May 2021 and the subsequent 63 it registered in June 2022.
This downturn in search interest is generally interpreted within the crypto community as a bullish sign, indicating a market devoid of hype.
Alex DovbnyaHistorically, such periods of subdued public interest often precede significant upward price movements.
Upcoming halving buzz
As reported by U.Today, Binance, the top crypto exchange, has highlighted a Bitcoin halving countdown on its main page.
Changpeng Zhao (CZ), its controversial CEO, believes that there will be more discussions and expectations about Bitcoin's price as the halving approaches.
Although an immediate price increase post-halving is not certain, Bitcoin might reach record highs in the following year. However, CZ urges caution, noting that past trends do not guarantee future outcomes.
Regardless of the impact of halving on price, Bitcoin is virtually guaranteed to generate headlines in the run-up to the halving event.
Arman Shirinyan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin