Google’s search for “Bitcoin Halving” has reached a record highand exceeds the peak associated with the previous halving by 350%.
Bitcoin (BTC) halves searches On Google’s normalized scale, it reached 100, which is the highest value. At the time of the last halving in 2016 this was 28. This means that current interest is almost 360% higher than four years ago.
Google searches for “Bitcoin Halving”. Source: Google Trends
It is still a bear market
The previous halving, which reduced the block reward from 25 BTC to 12.5 BTC, was on July 9, 2016. Although the price had risen before the event, the actual run took place months later. This time we have seen a significant appreciation in prices since Black Thursday. However, we are still way behind Bitcoin’s all-time high of nearly $ 20,000.
Despite the recent upward trend, Bitcoin has been trapped in a bear market for two and a half years. To break out of this unprecedented recession, Bitcoin would have to break the previous high in December 2017, 17 months after it was halved.
BTC price by half of 2016. Source: Glassnode.
The increase in public interest in the event is not surprising considering how much the crypto space has grown in recent years. In addition to this natural growth The ongoing economic crisis is probably another factor contributing to this high point.
We recently reported that famous hedge fund manager Paul Tudor Jones welcomes Bitcoin as a hedge against fiat inflation. The weight of his reputation in the financial industry could lead to institutional acceptance that could lead Bitcoin to new highs.