How Does Bitcoin’s Search Interest Change in the Philippines Post-Halving? | BitPinas

Editing by Michael Mislos

Despite the value of the leading cryptocurrency, bitcoin (BTC), decreasing from its ATH even after the most-awaited halving, key opinion leaders GCrypto head Luis Buenaventura and the WhizKid Trader Joseph Lejarde are still optimistic about the crypto going forward.

To assess the impact of the recent crypto halving on Filipinos’ interest in cryptocurrencies, BitPinas examined data from Google Trends two weeks prior to and following the halving, which occurred on April 20.

Bitcoin Search Stabilized

The graph showing search interest in the country two weeks before and after the halving reveals fluctuations in Filipino interest leading up to the event, with gradual increases observed prior to the halving itself. Following the halving, while search interest decreased initially, it became apparent that interest stabilized, maintaining an average level between 30 to 45.

Throughout this period, bitcoin dominated search interest in Manila, recording an average of 100, closely followed by Central Visayas with 99, the Caraga region with 96, Eastern Visayas with 85, and Central Luzon with 81.

This analysis focuses on the top 10 cryptocurrencies listed on CoinGecko by market capitalization, categorized as “search terms,” to ensure result consistency. The data spans from April 5 to April 19 and from April 21 to May 4, 2024.

Since the start of the year, it became apparent that the Philippines’ search interest in the leading cryptocurrency experienced fluctuations, driven by anticipation surrounding the halving and the recent crypto rally; bitcoin, in particular, surged to another ATH of $73,835.57 on March 14, 2024. This led to a consistent pattern of search interest rising and falling.

Even as the search interest for bitcoin has ceased fluctuating in the weeks following the halving, the stabilized search average suggests that Filipinos’ interest in the cryptocurrency may persist until the next halving event.

Read: Bitcoin Halving Explained: How It Influences BTC’s Price

Did BTC Increase in Value?

Joseph Lejarde highlighted during a BitPinas Webcast that historical trends show bitcoin’s price typically takes months to surge after halving events. This contrasts with the belief in immediate increases, as the market often undergoes a consolidation phase before significant growth.

“Akala natin tataas yung Bitcoin, it will reach 100,000 or so. But we just looked later on sa chart, historically speaking, yung cryptocurrency market (sa) first, second, and third halving, hindi naman s’ya (Bitcoin) tumaas after the halving. Kadalasang nangyayari, nagconsolidate muna and nagkaroon ng cleaning, it took them a few months bago umakyat ang BTC.”

Joseph Lejarde, Certified Technical Analyst

[Translation: “We thought bitcoin would increase, reaching 100,000 or so. But when we looked at the chart historically, during the first, second, and third halvings, bitcoin didn’t actually rise after the halving. What usually happens is it consolidates first and undergoes a cleaning process, and it took a few months before BTC increased.”]

Read: [Bitget Research] How Previous Bitcoin Halvings Precede Record Price Highs

The history of the halvings is also highlighted in Luis Buenaventura’s Cryptoday blog. He outlined how a pattern was observed in each halving could also apply to the recent one.

“And what happened immediately after the halving hit? People always fantasize about how halvings will herald a price pump, but it’s historically never been the case,” he commented. 

Nonetheless, Buenaventura forecasts the possibility of another double or even triple peak in bitcoin’s price between 2024 and 2025.

“I’m still optimistic about the price and am targeting $100,000 to $130,000 as the cycle ATH. This would be a 700% gain from the absolute bottom, which as I write this, does feel a little ambitious. On the other hand, it’s only 100% up from the previous cycle’s ATH, so it’s a justifiable target from that perspective.”

Luis Buenaventura, Author, Cryptoday Newsletter

Bitcoin Still Leads PH Interest

While the halving event may not directly affect other cryptocurrencies, given bitcoin’s prominent position, the interest in alternative tokens could indirectly correlate with it. As depicted on the graph, tokens like Ethereum (ETH), BNB, Tether (USDT), and Solana (SOL) have exhibited notable increases or stabilizations in interest two weeks following the halving.

Nevertheless, this trend may not hold true for tokens ranked 6th to 10th on CoinGecko. Search interest in USDC, Lido Staked ETH (STETH), Ton coin (TON), and Dogecoin (DOGE) in the Philippines has consistently maintained an average of zero. However, starting from April 29, a slight uptick in searches became evident.

However, interest in XRP may also be influenced by other developments. In April, Ripple unveiled plans to launch its own stablecoin later this year; it will be backed by US dollar deposits, short-term U.S. government Treasuries, and comparable assets. Additionally, Ripple is also still in an ongoing legal dispute with the United States Securities and Exchange Commission (SEC).

Read Other Google Search Interest Articles:

This article is published on BitPinas: Filipino Interest in Bitcoin Remains High Despite Post-Halving Dip, Google Trends Reveals

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