Bitcoin's decreasing search interest does not bode well for BTC price

According to data from Google, search interest for the term 'Bitcoin' is currently near the lowest it has been in the past three months.

As more people search for "Bitcoin," more new money is expected to enter the market.

As Bitcoin dropped from its all-time high of just under $20,000, so did the number of searches it got.

Apart from a few upward spikes, the interest Bitcoin has got globally has been on the decline ever since.

Bitcoin has experienced, going from $8,200 to $7,455 in 24-hours, also seems to coincide with a drop in search interest.

According to data from Google Trends, the number of searches Bitcoin got on Oct. 21 was half of what it was at the beginning of August.

Google data showed that most searches for Bitcoin in the past few days came from Nigeria, followed by South Africa and Ghana.

The U.S., which has long been considered the hub for everything crypto-related, fell behind on the list, with Google showing the interest in Bitcoin dropped to a low 23 on the scale.

Looking at the data on a 5-year chart shows that the interest in Bitcoin has touched its May 2017 levels and is in danger of dropping even lower.

Zooming in on the past 90 days shows that interest in Bitcoin has been on a downward spiral since July.While it's hard to say whether it's the lack of interest that caused Bitcoin's price to drop, or the declining number of searches came after a price dip, the two metrics seem to be correlated.