About to bottom out? Google Bitcoin trend has dropped to the low point during the epidemic in March

Although Bitcoin has been hovering in the $10,000 region for much of the past two months, retail interest in Bitcoin appears to be declining.

Data provided by Google Trends shows that searches for "Bitcoin" are at their lowest level since the coronavirus crisis emerged in March 2020.

Bitcoin and Google Trends in 2020

Google searches are often a proxy for retail interest in a particular asset, and can spike when there are major developments. In the cryptocurrency industry, it’s likely to see interesting developments as prices can be highly volatile in either direction.

So it was no surprise when interest in Bitcoin increased when its value soared in early 2020. During the worst days of the coronavirus pandemic, when Bitcoin plunged 50% in a single day, Google searches soared.

In the following months, things calmed down and Bitcoin quickly began a “V”-shaped rebound. However, Google Trends indicates another surge in late April and especially early May. This was expected before mid-May, when Bitcoin experienced its third halving. This event has historically been a catalyst for price and has attracted a lot of attention.

After the halving, search interest dropped sharply again until BTC skyrocketed in late July. As the price of Bitcoin broke through $10,000 and reached a new 2020 high of over $12,000, Google searches also jumped.

Low retail interest

Since those days of constant price volatility, Bitcoin has been relatively quiet on a macro scale, and interest in the asset has declined as a result. It seems retail traders don’t like to look for Bitcoin during minor price rallies.

Google search data for "Bitcoin" since March 2020. Source: Google Trends

As such, Google Trends data shows that global retail investor interest in Bitcoin has generally been on a downward trend recently. In fact, it’s at its lowest point since early March, when the coronavirus pandemic was just beginning to penetrate the Western world. One of the few peaks in search volume was in early September. Not surprisingly, it coincided with BTC’s fall from over $12,000 to below $10,000.

It is worth noting that from a macro perspective, Google searches for Bitcoin are still far from their highs in 2017. The low search index may indicate that there is still a lot of room for price growth, as Bitcoin currently remains stable above $10,000, resulting in no big waves among the entire investment community, but it seems that a good show is about to begin.

Google searches for “Bitcoin” (5 years of data). Source: Google Trends