Excitement around the upcoming Bitcoin halving has seen a continued increase in searches for the term on Google.
The level of interest in the Bitcoin halving on Google has soared to its highest point of all time, with predicted data pegging it at more than double that of the last halving in 2020.
Search interest for the term “Bitcoin halving” has already reached a score of 45, according to Google Trends data, with Google predicting it will reach an estimated score of 100 by the end of this month.
Google Trends notes that a value of 100 translates to “peak popularity” for the term.
The Bitcoin halving refers to when the rewards paid to miners are halved. The 2024 Bitcoin halving will reduce block rewards from 6.25 BTC to 3.125 BTC.
The halving is currently slated to occur around 4:00 am UTC on April 20, according to the Cointelegraph countdown timer.
Google Trends shows that the Bitcoin halving is seeing the most interest from Nigeria, the Netherlands, Switzerland and Cyprus.
Record levels of interest in the halving event may not come as a surprise following Bitcoin’s banner performance over the last few months.
Bitcoin began the year at a price of $42,200 and soared 74% to reach a new all-time high of $73,600 on March 13, according to CoinMarketCap data.
Bitcoin’s price action has since cooled off and has traded consistently lower since mid-May. At the time of publication, Bitcoin is changing hands for $61,078 — down 17% from its all-time high.
Despite souring sentiment from market participants, several market commentators have pointed to the historical patterns of Bitcoin price action to suggest that Bitcoin could rally significantly in the months following the halving.
Source: Cointelegraph.com
