Google Search Trend Analysis, Bitcoin Hits 2020 Lows, What Does This Mean?


Google Search Trend Analysis, Bitcoin Hits 2020 Lows, What Does This Mean?

Google search is a known metrics for making informed investments and decisions, especially as it concerns Bitcoin investments. This is because Google search trends tend to reveal the areas of interest and the percentage rating. This is a remarkable way for investors and traders alike to know what’s trending and where to make investments.

Bitcoin Google Search Hits 2020 Lows, Reason For Worry?

Bitcoin Google search has traced back to its 2020 levels, dropping massively this year as compared to other years. BTC Google search has hit a notable 100% rating in around Dec 2020 and 2021 periods, which of course, is during the last bull run. Bitcoin price then was trading around $60k to $69k. Google search trends for Bitcoin were spiking up due to the attention it garnered during that period. 

However, over the course of two years after, when the bear market sets in, we can clearly see a notable decline in interest. Many analysts believe these are the best times to buy into the asset, when there’s not much attention towards it. The next bull run is rumored to be starting off next year and this is the best time to position oneself in the market. 

Source: Google Trends

The Bitcoin Google trend has reasonably fallen and is now hitting 2020 lows as many have shifted their attention off the space. The percentage rating has now dropped to 25% for the first time this year. Notably, this is happening despite bitcoin price recording a massive ROI in the year 2023. 

Bitcoin has recorded over 69% ROI in 2023 as the price has progressively increased from around $15,473 to a high of $31,804 in July 2023. At the time of writing, $BTC price is currently at $26,823 after declining a notable 3% following news on the US Inflation data report. The market will remain volatile for now, until there’s a definite stance on ETFs application, next year halving and the ongoing Isreal-Gaza war

Source: TradingView

Bitcoin Google Search In Regions

Interestingly, the Bitcoin Google search trends pulls up some surprising data as it shows some top countries showing interest in the asset class. According to the data, some top countries showing interest include El Salvador with a notable 100% rating. This is followed up by Nigeria with a 77% rating, Switzerland has 48% rating, while Australia and Netherlands has 47% rating. 

Source: Google Trends

El Salvador is a country that has embraced Bitcoin since announcing it a legal tender in June 2021 by Nayib Bukele, El Salvador’s president. Nigeria on the other hand, embraces Bitcoin as it shows in their interest search due to the high inflation in the country. The citizens are looking for an asset class that will serve as a hedge against high inflation. Infact, Nigeria has reportedly exchanged $56.7 billion worth of Bitcoin and crypto in the past year.

On the other hand, India, Hong Kong and the UK, despite being popular locations for cryptocurrency trends and events, show low Bitcoin Google search percentages. Their respective rating shows 11%, 19% and 23%, with growing interest among the citizens.

Lastly, It’s important to note some other rising topics, which traders might need to watch: “Bitcoin Mining, Shiba Inu Coin, Solana and NFTs.”

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