Bitcoin has kicked off the week with an impressive bullish surge, reaching a notable $69,000 by Monday and continuing its upward trajectory. By Tuesday, the leading cryptocurrency shattered significant price barriers, surpassing the $70,000 and $71,000 thresholds. The momentum didn’t stop there; by Wednesday morning, Bitcoin hit a staggering $73,600, marking its highest value since the record peak in March 2024.
A Rally Unlike Any Other – Price Surges Amid Low Search Interest
While the market buzzes with excitement, recent data reveals an unusual trend: despite Bitcoin nearing its all-time highs, search interest remains surprisingly low. Insights shared on X have pointed out a notable discrepancy. Historically, Bitcoin’s bull runs have been accompanied by spikes in search volume, which often signaled increased retail participation. For instance, during the 2017 bull run, Bitcoin climbed to nearly $20,000 as Google Trends index levels soared past 80. A similar scenario unfolded between late 2020 and 2021, when Bitcoin surpassed $60,000 alongside significant search interest, though it didn’t reach the heights of 2017.
However, the current rally tells a different story. In the first quarter of 2024, heightened search interest mirrored Bitcoin’s rise to $73,750 in March. Yet, a marked decrease in search interest followed over the next seven months. Now, even as Bitcoin approaches its record levels for the second time this year, Google Trends indicates lower search interest. This suggests that retail engagement may not have peaked and that the rally could be just getting started.
Historical Patterns Hint at Continued Upside for Bitcoin
Historically, October has proven to be a pivotal month for Bitcoin’s upward momentum. Market intelligence platform Lookonchain has noted a recurring trend: since 2013, Bitcoin has consistently posted significant gains during October. Noteworthy years include 2013, 2017, 2020, 2021, and most recently, 2023. The October 2023 rally was particularly significant, with Bitcoin achieving a remarkable 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 steadily climbed, reaching over $73,000 by March 2024—a staggering 173% increase. This period marked consecutive months of gains, positioning Bitcoin for another potential surge post-October 2024, especially after market corrections experienced in the second and third quarters.
Also Read: Bitfarms Boosts U.S. Bitcoin Mining Capacity By 20,000 Miners Through Stronghold Partnership
Another critical factor shaping Bitcoin’s trajectory is its price movement following past U.S. presidential elections. Market analyst Ali Martinez highlighted trends from the past elections—2012, 2016, and 2020—that indicate a pattern of significant gains post-election. After the November 2012 election, Bitcoin’s price skyrocketed by 10,640%, peaking at $1,137 by December 2013. A similar pattern emerged after the November 2016 election, with Bitcoin climbing 2,698% to reach $18,970 in December 2017. Following the November 2020 election, Bitcoin gained 386%, culminating in its then-record high of $69,000 in November 2021. Martinez’s analysis suggests expectations for strong performance as Bitcoin enters this next phase of its market cycle.
A Promising Future for Bitcoin
As Bitcoin continues to defy expectations, the current surge paints a promising picture for the future. The combination of historical trends, upcoming market catalysts, and the potential for increased retail engagement suggests that Bitcoin’s bullish momentum may not just be a fleeting moment. With the digital asset inching closer to its all-time highs and an undercurrent of low search interest, the crypto market could be gearing up for an extraordinary phase of growth. Investors and enthusiasts alike are watching closely, and the coming months may unveil the next chapter in Bitcoin’s remarkable journey.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
