While Bitcoin (BTC) has surged past $73,000 this week, Google searches for the leading asset remain low, unlike past peaks.
Bitcoin experienced a strong upward surge as the week began, reaching $69,000 by Monday and continuing its climb. By Tuesday, BTC broke significant price thresholds, surpassing $70,000 and then $71,000.
The bullish momentum extended into Wednesday morning when Bitcoin hit $73,600, marking its highest value since its record peak in March. Market attention focused on this rally, but recent observations highlighted an unusual trend in search interest.
Bitcoin Near ATH, but Mentions Remain Low
Recent data suggests that while Bitcoin’s price has approached its all-time highs, search trends tell a different story. Insights shared on X pointed out that, despite the surge, Google searches for “Bitcoin” remained notably low. Historically, Bitcoin’s bull runs have coincided with spikes in search volume, which reflected increased retail participation.
The 2017 bull run serves as a prime example, with Bitcoin climbing to nearly $20,000 as Google Trends index levels soared past 80. A similar pattern emerged during the late 2020 to 2021 rally, where Bitcoin’s rise past $60,000 aligned with significant search interest, though not reaching 2017 levels.
However, the 2024 rally has unfolded differently. Initially, in the first quarter of the year, high search interest in Bitcoin mirrored its all-time high rally to $73,750 in March. Yet, significant interest in searches diminished in the seven months that followed.
Now, despite the price nearing record levels again for the second time this year, Google Trends shows lower search interest, suggesting that retail engagement may not have peaked and that the rally has only just begun.
Historical Trends Confirm More Upside for Bitcoin
Meanwhile, October has historically been pivotal for Bitcoin’s upward momentum. Market intelligence platform Lookonchain noted a recurring trend: since 2013, Bitcoin has repeatedly posted significant gains in October.
Notable years include 2013, 2017, 2020, 2021, and most recently, 2023. Specifically, the October 2023 rally was significant, with Bitcoin achieving a 28.54% monthly gain that set the stage for a five-month uptrend.
Starting from a price of $26,965 in early October 2023, Bitcoin climbed steadily, reaching over $73,000 by March 2024, a 173% increase. This period marked consecutive months of gains and positioned Bitcoin for another potential surge post-October 2024, following market corrections in the second and third quarters.
Post-U.S. Election Price Movements
Another factor shaping market analysis is Bitcoin’s price movement following past U.S. presidential elections. Market watcher Ali Martinez highlighted this trend, citing 2012, 2016, and 2020 data. After the November 2012 election, Bitcoin’s price surged by 10,640%, peaking at $1,137 by December 2013.
The November 2016 election showed a similar pattern, with Bitcoin climbing 2,698% to reach $18,970 in December 2017. Following the November 2020 election, Bitcoin gained 386%, reaching a then-record high of $69,000 in November 2021. Martinez’s data set expectations for strong performance as Bitcoin approaches this next phase of its market cycle.
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