According to Google trends, searches of both Bitcoin and cryptocurrency have been rapidly declining since December, as people seem to be losing interest. In fact, search interest in Bitcoin is less than 20% of its all time high in mid-December!
What does this mean for the crypto market? Without interest from the mainstream, will crypto prices continue to plummet to zero?
I looked at the history of Bitcoin search interest to see if there were other instances where the search interest fell to less than 20% of the peak at the time. What I found was surprising.
It looks like the public has gone into a Bitcoin frenzy and lost interest before. Twice in its history, Bitcoin search interest has gone below 20% of its peak Googling. Once in May 2013 and once in April 2014. What happened to the price in the short-term in those two instances?
In 2013, the price dipped by 9% in the following three months, whereas in 2014, the price appreciated by 33%! So what will happen this time around? The answer is, of course, no one knows! However, we can note that waning interest does not spell certain doom for Bitcoin and crypto!