Google search interest for the Bitcoin keyword has plummeted, suggesting decreased enthusiasm among internet users for the leading cryptocurrency. Nevertheless, crypto analyst Ali Martinez claims this trend is a positive sign for Bitcoin’s price.
Why The Decline In Bitcoin Google Searches Is Encouraging
In a post on X, Martinez indicated that interest in Bitcoin (BTC) has significantly waned, as reflected in Google trends. He pointed out that this lack of searches is a bullish signal, implying favorable conditions for BTC pricing. Generally, an uptick in searches for Bitcoin typically denotes heightened interest from retail investors.
The observed decline in Google trends suggests that retail investors have not yet broadly entered the crypto market for this current bull run. Thus, it is considered bullish since there remains potential for Bitcoin and other cryptocurrencies to appreciate further once these retail investors start to invest heavily.
The on-chain analytics platform Santiment has also provided insights on this phenomenon, suggesting that typically, Bitcoin tends to reach new all-time highs (ATH) during periods of low expectations or diminished interest among crypto fans.
According to the platform, currently, there are 1.8 bullish posts regarding BTC for each bearish one. Santiment noted that market movements often run counter to prevailing crowd sentiment, suggesting that Bitcoin is most likely to perform well when the general mood, including that of non-crypto enthusiasts, is bearish.
Santiment has reiterated this viewpoint in a recent post on X. The platform noted that the sentiment surrounding Bitcoin has been distinctly bullish, which could indicate a high likelihood of reaching new tops in the crypto markets. With BTC falling below $65,000 on September 30, they anticipate some panic selling. Santiment added that if the fear of missing out transitions into fear, uncertainty, and doubt, the bullish trend could quickly resume.
Potential BTC Price Movements In The Coming Weeks
Martinez has also shared expectations regarding Bitcoin’s price action in the weeks ahead. He suggested that the optimal scenario would involve Bitcoin dropping to $60,000, rising to $66,000, retracting back to $57,000, and ultimately breaking out to a new ATH of $78,000.
The analyst reiterated this price theory in a recent post on X, expressing confidence in this trajectory. However, historical trends suggest that BTC could achieve a new ATH this month, as October has often been one of Bitcoin’s strongest months, with the cryptocurrency frequently yielding double-digit returns. Thereby, Bitcoin may reach new heights as the ‘Uptober’ rally gains momentum.
As of this writing, Bitcoin is trading around $63,800, reflecting a decline over the past 24 hours, based on data from CoinMarketCap.
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