Bitcoin Price Dips Below $71,000 Despite Nearing All-Time High
Reports indicate that Bitcoin price has slightly declined in the last 24 hours but remains around $69,000 after previously exceeding $73,000.
Despite this price surge, interest in Bitcoin has not increased, with Google searches remaining stagnant.
Bitcoin Nears All-Time High
In October 2024, Bitcoin experienced a minor price drop to $70,800, falling short of the anticipated $73,700 mark.
Despite the decrease, Bitcoin's overall performance for the month is strong, approaching an all-time high.
October has historically been significant for Bitcoin, often marking the beginning of upward price movements.
According to Lookonchain, Bitcoin has consistently gained in October since 2013.
Last year, Bitcoin saw a 28% gain in October, contributing to a five-month price increase that began at $26,965 and peaked over $73,000 by March 2024.
Potentially, a similar price rally could occur as October 2024 concludes.
Interesting Phenomenon
Though Bitcoin approaches its record high, analysts have noted an unusual trend: online mentions and Google searches for Bitcoin are declining, indicating low retail participation despite rising prices.
According to AltIndex, Bitcoin's Google Trends score is 37 out of 100, suggesting minimal search interest.
BTC Bull Run And Google Searches
Analysts observe a correlation between previous Bitcoin bull runs and increased Google search volume. For instance, during the 2017 bull run, Bitcoin's price rose approximately $20,000 while its Google Trends score hit 80 out of 100, a pattern also seen between late 2020 and 2021.
Historically, significant BTC price rallies have coincided with heightened search interest, a trend not currently evident.
The role of Google search volume as an indicator of Bitcoin's price movement will require monitoring in the coming months.
Featured image from DL News, chart from TradingView