Bitcoin Halving Google Searches Soar To New ATH As Bitwise Says Markets Underestimate Its Impact On BTC Price

Google Trends shows that interest in the upcoming bitcoin halving has reached an all-time high, as Bitwise says investors are underestimating the event's long-term impact on the btc price.

Searches for the phrase “bitcoin halving” reached a new peak with a popularity score of 100 on Google Trends on April 14. That's the highest level of interest recorded on Google in the cryptocurrency's 11-year history.

Since reaching this unprecedented level, interest has fallen 37%, but remains exceptionally high.

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The bitcoin Halving Has Historically Been a Precursor to a btc Rally

With the Halving bitcoin Taking place in just three days, Bitwise says it expects the market leader's price to underperform in the short term but rebound in the long term.

Bitwise, the world's third-largest crypto exchange, said history shows that the month after each halving in mining rewards was a disappointing period for btc, while the year following each halving saw the price of bitcoin achieve percentage gains of at least triple digits.

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Halving Has Historically Been Good for bitcoin Price in the Long Term (A Look at the Data)

The change in the price of bitcoin in the year following the halving:

2012: 8,839%
2016: 285%
2020: 548%

The change in the price of bitcoin in the month following the halving:

2012: 9%
2016: -10%… pic.twitter.com/aaXSakLfko

– Bit by bit (@BitwiseInvest) twitter.com/BitwiseInvest/status/1780256503766688053?ref_src=twsrc%5Etfw”>April 16, 2024

During the first month after the 2012 halving, the price of btc soared 9% before soaring 8,839% in the following year.

A similar trend was also observed after the 2020 halving, when the cryptocurrency recorded a 6% price increase in the following month and rallied 548% over the following year.

However, there is also a chance that the market leader's price will drop in the first month after the next halving, as happened during the 2016 halving, with a 10% drop. But during the following year bitcoin price still gained 285% to reach a high of $20,000.

“The data is limited, but the picture reveals an intriguing pattern,” Bitwise wrote.

Industry executives have a bearish near-term outlook

Other industry executives are also pessimistic about btc's short-term performance after the upcoming halving. 10X Research Research head Markus Thielen warned that miners could dump $5 billion worth of btc to make up for lost revenue.

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twitter.com/search?q=%24MARA&src=ctag&ref_src=twsrc%5Etfw”>$MARA President and CEO twitter.com/fgthiel?ref_src=twsrc%5Etfw”>@fgthiel talk to twitter.com/BloombergTV?ref_src=twsrc%5Etfw”>@BloombergTV about what Marathon is doing to prepare for the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin reduce by half. Watch the full interview: https://t.co/IrhE16smuM

– Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) twitter.com/MarathonDH/status/1777750603747237954?ref_src=twsrc%5Etfw”>April 9, 2024

Meanwhile, Marathon CEO Fred Thiel said the pre-halving rally has already been factored in. This has brought forward what was supposed to be a post-halving rally, he added.

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