Bitcoin Google searches soar to yearly highs during volatile price movements
André Dragosch, Bitwise's European division head, interprets the dramatic increase in "Bitcoin" Google searches as evidence that "retail is coming back."
The number of Google searches for "Bitcoin" experienced a significant spike during the last seven days, coinciding with the cryptocurrency's price momentarily dropping to $60,000—a level not witnessed since October 2024.
Provisional information from Google Trends indicates that global queries for "Bitcoin" hit a maximum score of 100 during the week beginning Feb. 1, marking the highest point recorded in the preceding 12-month period.
The prior highest point registered a score of 95 during the week spanning Nov. 16–23, a period when Bitcoin (BTC) dipped beneath the significant $100,000 threshold for the first occasion in almost half a year.
Among cryptocurrency analysts, Google search volume represents one of multiple frequently utilized metrics for assessing retail participation in Bitcoin and the wider digital asset marketplace, which generally experiences upticks during substantial price fluctuations, especially major upward movements to fresh record highs or abrupt downward corrections.
This surge in search activity occurred as Bitcoin plummeted from approximately $81,500 on Feb. 1 to around $60,000 over a five-day period, subsequently recovering to $70,740 as of the time of writing, per data from CoinMarketCap.
Certain market analysts indicate that the present trading range could be attracting fresh interest from a wider retail investor base. André Dragosch, Bitwise head of Europe, stated in an X post on Saturday, "Retail is coming back."
At the same time, Julio Moreno, CryptoQuant's head of research, mentioned in an X post on Saturday that investors in the US are purchasing Bitcoin following its descent to $60,000. "The Coinbase premium is now positive for the first time since mid-January," Moreno said.
Additional metrics indicate that market participants remain hesitant regarding the cryptocurrency sector. The Alternative.me Crypto Fear & Greed Index dropped even lower on Saturday, reaching an "Extreme Fear" reading of 6, approaching territory that hasn't been observed since June 2022.
The sentiment gauge's drop to such depressed levels has prompted certain market observers to propose it might represent a potential entry point for investors.
Ran Neuner, a crypto analyst, stated in an X post on Friday that, "every single metric is telling you that Bitcoin has never been more undervalued on a relative basis."