Google searches for “Bitcoin Halving” have exploded beyond levels seen during the last halving in 2016. Metrics show that more and more people are searching for information about the cryptocurrency’s block reward halving before it takes place in mid-May.
Searches are often among the best ways to gauge retail interest in cryptocurrencies. The Bitcoin halving , scheduled for mid-May , has been highly anticipated, and as a result, there has been a rapid increase in Google search interest.
[amazon box="B00R6MKDDE"]Interest in Bitcoin Rises as Halving Date Approaches
Google Trends shows that the public is researching the Bitcoin halving event like never before. In fact, there are more Google searches for “Bitcoin halving” today than there were before the last halving in 2016. It’s a bullish sign as we get closer and closer to the supply of new bitcoins being halved.
It is currently unclear if we will see an increase in Bitcoin buying activity as we approach the halving event. Many analysts still maintain that BTC miners can further exacerbate the sell-off to secure profits before the event. Morgan Creek Digital has predicted that Bitcoin won't see an all-time high until later, a perspective that has been historically true.
Despite the surge in search interest from Google, the increase has yet to be reflected in price or trading volume. Currently, Bitcoin's RSI is at an all-time low before any other halving in its history. This may indicate that it is oversold.
