Despite Bitcoin prices surging to near two-year highs, the cryptocurrency’s Google search trends have taken a surprising nosedive, plummeting to bear market lows. Even as Bitcoin hovers around $48,000, retail interest and search engagement are currently at a quarter of the levels observed during the 2021 bull market, raising questions about the correlation between price highs and user engagement.

Google Searches and Social Media Trends:

Google Trends data reveals a drastic reduction in searches for ‘Bitcoin,’ marking cycle-low levels. This downturn follows a brief uptick in January, coinciding with the launch of spot ETFs in the United States. Bitcoin Archive, a prominent commentator, expressed uncertainty about the implications for the current market cycle, suggesting that it might still be in its early stages.

Comparing Bitcoin search activity to previous years, there’s an 85% decrease from the peak around October and November 2020 when Bitcoin broke $15,000. Despite Ethereum staking reaching record levels, Ethereum search trends mirror a similar decline.

“It still feels like a bear-market ghost town sort of vibe. Same regulars posting and engaging, perhaps more often, but it’s still the same crew,” Bitcoin Archive remarked.

Search trends are now at a mere 25% of the levels witnessed during the 2021 bull market, creating a disconnection between user engagement and Bitcoin’s price, which is only 30% away from its all-time highs.

Reddit Activity and Bitcoin Fear and Greed Index:

A closer look at the Bitcoin subreddit reveals that, although it’s growing steadily, there’s no significant surge in activity or interest. Both Reddit posts and comments are currently at bear market lows, contrasting with the escalating Bitcoin prices.

Interestingly, the Bitcoin fear and greed index, which currently sits at a ‘greed’ reading of 70, paints a different picture. Despite the subdued social media and search trends, the index indicates a level of optimism among market participants. While the index reached a high of 94 in December 2020, it has not revisited those levels of extreme greed since.

Retail FOMO and Price Discovery:

Market observers generally agree that retail FOMO (fear of missing out) typically peaks around the market’s top, and it might still be a year away. A trigger for the next wave of retail FOMO could be price discovery above $70,000, according to industry experts.

Fred Krueger, an investor and analyst, points out that most Americans tend to show interest in investing when they believe there’s a chance to make substantial profits quickly. Searches for terms like “stocks” follow a similar pattern, spiking around parabolic moves upward.

As Bitcoin currently trades around $48,000, reflecting a 12% increase over the past seven days, it remains to be seen whether retail interest and search engagement will pick up as the cryptocurrency approaches and potentially surpasses its previous all-time highs. The unusual discrepancy between soaring prices and subdued user engagement adds an intriguing layer to the current dynamics of the Bitcoin market. As Bitcoin continues its price ascent, attention is likely to intensify, with the potential for retail FOMO to kick in once again, especially if the cryptocurrency breaches the significant $70,000 threshold. Investors and enthusiasts await further market developments, poised for potential shifts in sentiment and retail engagement.