Excitement around halving: analyzing bitcoin interest and expectations ahead of the upcoming event

It's been a while since we looked at Google Trends to analyze interest in bitcoin in the context of the emergence of new exchange-traded funds ETFs and the rapid rise in the market price of this cryptocurrency. It was expected that the interest in bitcoin would peak, perhaps even 100 points.

However, the reality turned out to be somewhat different. An examination of search queries on Google Trends related to "bitcoin" revealed that interest in it is currently quite low, despite its sharp rise above the $50,000 mark.

While anticipation for the upcoming halving has peaked over the past 90 days. This event, scheduled for April 2024, involves a 50% reduction in the rate of generation of new bitcoins, which is generating interest and demand for the topic.

Interest in halving has peaked, reaching 100 points in Google Trends in just one week from February 12, 2024. This growth started in early January and continues to increase.

By January 24, 2024, queries for "bitcoin halving" had already reached 40 points out of 100 and continued to grow, peaking last week. As of this writing, interest in this query remains high at 96 out of 100.

Interest in halving continues to grow as we approach the expected date, which is expected to be around April 19, 2024. This increase in interest is especially noticeable among those who are not very familiar with bitcoin, but are intrigued by its unique nature and differences from traditional currencies.

The idea behind the protocol, which is to halve the amount of new issuance every 210,000 blocks, creates scarcity and protects against inflation. Over the past three months, Benin, a country in West Africa, has become one of the leading regions showing interest in the term "bitcoin halving".

After Benin, the Netherlands, Switzerland, Singapore and Austria are among the top 5 regions showing increased interest in halving. Search queries also include questions about the number of bitcoin satoshis and the causes of bitcoin scarcity.

Interest in halving spans across the digital sphere, with discussions taking place across all social platforms and various topic-specific resources, including Reddit. People are asking questions about the future value of bitcoin after the halving and the reasons for the usual price drop before it.

The general interest in halving emphasizes bitcoin's unique economic model and sets the stage for new opportunities in the digital financial sphere.

In simple words, those who missed out on bitcoin's 60% growth may be questioning whether to buy it at the current high price or wait for a possible drop before halving, as it usually happens. Historically, halving has been followed by 90-200 days of price increases, which may influence the buying decision.

By December, the first spot bitcoin ETFs are likely to be approved, which could have an even greater impact on bitcoin price appreciation than the approval of the new 11 exchange traded bitcoin ETFs in January.