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Interest in Bitcoin sinks to two-year low

Google search trend for the term "Buy Bitcoin" has fallen in the US to a multi-year low.

By Finst News
• 2 min read
Interest in Bitcoin sinks to two-year low

The Google search trend for the phrase "Buy Bitcoin" has fallen in the US to a multi-year low. Does a contrarian investment in cryptocurrency make sense?

The Bitcoin price (BTC) formed an all-time high in November 2021 near 69,000 US dollars. Since the start of this year, the price of the cryptocurrency has been in a downward trend and corrected to the 2017 all-time high near the psychologically important 20,000 US dollar mark.

The significant market correction in 2022 also reduced investors' buying interest in Bitcoin, according to the latest data from Google Search Trends. In recent days, search interest, captured by searches for "Buy Bitcoin," fell to a new two-year low.

The waning buying interest may look scary at first glance, but contrarian investors will likely view this development as a buying opportunity. The fact that other indicators recently also generated a new buy signal could also encourage risk-averse investors to buy Bitcoin.

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