BTC approaches the high point and falls again! Search interest still low? Don't worry! The bull run is just beginning

The price of BTC has skyrocketed, but it has not triggered a follow frenzy.

Recently, the price of BTC (Bitcoin, BTC) surged, breaking through $69,000 on Monday, and subsequently surpassing $70,000 and $71,000 on Tuesday. On Wednesday morning, BTC even reached $73,600, the highest price since March. (At the time of writing, the BTC price has fallen to $69,456.) However, unlike previous peaks, this price surge did not trigger a synchronous increase in search interest.

According to recent data, despite the BTC price approaching historical highs, the Google search volume for 'Bitcoin' is significantly low. During past bull runs, the rise in BTC price usually accompanied a surge in search volume, reflecting the widespread participation of retail investors. For example, in 2017 when BTC surged to nearly $20,000, the Google Trends index exceeded 80; and during the pump from 2020 to 2021, when BTC broke $60,000, the search interest also significantly increased, although not reaching the levels of 2017, it is still considered a symbol of a bull run.

Image source: Google Trends Bit has been showing a low search trend in the global market over the past 90 days.

However, the rise in 2024 presents a different situation. In the first quarter of the year, the price of BTC reached a historical high of $73,750, and the search heat also rose accordingly. However, in the following seven months, the search attention significantly decreased. Now, despite the price approaching the year's high again, Google Trends shows that the search heat remains low.

This phenomenon indicates that the participation of retail investors may not have reached its peak yet, and there is still room for further improvement in market enthusiasm. In other words, this upward trend may only be the beginning of a new bull market, and there may be even greater upward potential waiting to be unleashed in the future.

Historical data supports the future trend of BTC

From a historical trend perspective, October is usually a key month for BTC's rise. On-chain analysis platform Lookonchain pointed out that since 2013, BTC has recorded significant gains in October, especially in 2013, 2017, 2020, 2021, and 2023. Especially in October 2023, BTC recorded a monthly gain of 28.54%, laying the foundation for the next five months of rise.

Starting at a price of $26,965 in early October 2023, BTC steadily rose to over $73,000 by March 2024, with a 173% increase. The continuous months of rising during this period have once again given BTC the potential for further increases after market adjustments in the second and third quarters.

Image source: Lookonchain Lookonchain believes that based on historical data, it is only the beginning of the Bull Market

The market is affected by the U.S. election, and the future performance is promising.

In addition, the price trend of BTC after the past few US presidential elections has been widely followed. Market observer ALI Martinez emphasized this trend, citing data from 2012, 2016, and 2020.

After the November 2012 general election, the price of BTC surged 10,640% in December 2013, reaching $1,137.

After the November 2016 election, BTC rose 2,698% in December 2017, reaching $18,970.

After the November 2020 election, BTC rose by 386% in November 2021, reaching a historical high of $69,000 at that time.

Image source: Ali Martinez Ali Martinez cited the impact of past US elections on the price of BTC

These data indicate that, as BTC enters the next stage of the market cycle, combined with the impact of macroeconomic factors such as the U.S. election, the future performance may still be strong. Market analysts believe that the current price trend, combined with historical experience, may imply that the rise of BTC is not over yet, and there is still room for further increase.

【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.