Google Search on Bitcoin Declines as Hype Over Halving Event Fades
Google search related to Bitcoin (BTC) is on a decline, signaling that halving no longer leads interest towards the numero uno crypto in terms of market capitalization.
Notably, Bitcoin continues to trade in a range of 8750 to 9750 for the past two weeks.
For the past few weeks, Bitcoin related searches reached levels that were seen just before the crypto market crashed in March. Of late, hype over halving event is fading.
As per the recent Google Trends data, search interest related to Bitcoin was comparable to that of mid-April. In the next three weeks, BTC/USD pair surged from $6,800 to more than $10,000.
Google Trends indicate that aggregate interest towards Bitcoin has fallen quickly since the initiation of the third halving event on May 11.
The Bitcoin halving event, to be precise, sparked main stream interest about the king of crypto. The interest about Bitcoin was also spurred by economic uncertainty across the globe.
The price rally from $6,800 ended days after the initiation of the halving event.
However, contrary to the expectations of the market, there was no major “post-halving dump” as miner rewards got slashed by 50%.
Fast-forward three weeks, the sentiment towards Bitcoin has turned normal as several indictors signal the beginning of a fresh bullish phase. The market sentiment towards Bitcoin is usually studied using indicators such as Crypto Fear & Greed Index.
With respect to Greed Index, the price rally over the past few weeks reflects a psychological shift from “extreme fear” to “greed,” and seems to stabilize in “neutral” zone.
Additionally, cryptocurrency exchange balances are near their lowest levels since the price hit the bottom in December 2018. That implies investors are not willing to liquidate their positions in the near-term.
Positive Crypto, a crypto analyst, is of the opinion that the entire time span starting from December 2017, when BTC/USD pair hit historical high, until now should be construed as a process of consolidation.
Furthermore, according to Positive Crypto, a break out is possible after the consolidation for over a period of 900 days. Bitcoin, at the time of writing this article, was hovering around $9,500.