Google searches for bitcoin have plummeted 75 percent this year, leading some to worry investors are losing interest in the buzzy cryptocurrency.
Not bitcoin expert Brian Kelly.
"It's probably good that we've got some of the speculative froth out of here but there's still more Google searches than Beyonce in bitcoin," said Kelly, founder and CEO of Brian Kelly Capital, Tuesday on CNBC's "Futures Now."
Searches for the keyword "bitcoin" have steadily surpassed Beyonce this year, outside of a brief spike in April during the superstar's Coachella music festival performance, according to Google Trends.
Bitcoin prices have had a rough week, though, pulling below $7,000 on Sunday to trade at levels not seen since April. Kelly said there are a few critical levels to watch in bitcoin to determine where it heads next.
"What I'm really looking for is some kind of movement, a bounce off $6,500," he said. "We don't really have the volume, there aren't a lot of catalysts that I can see coming up in the very short term so I'm almost looking for this market to prove it to me."
The $6,500 level, said Kelly, corresponds with "fully depreciated mining costs." If a bitcoin miner needs to buy a new machine almost every 18 months, the costs of mining increase to around $5,900 to $6,000, according to his calculations. That marks $6,500 as a fundamental mining support level.
While $6,500 has acted as a measure of support for bitcoin, Kelly said $6,800 has acted as resistance.
"On a very short term, $6,800 seems like a pivot to me so in this market, as a trader, I'd much rather be buying that momentum on a break through $6,800," he said. "Above $6,800, I think you can buy it as a momentum-type of trade."
Bitcoin fell below $6,800 on Tuesday. It has dropped roughly 10 percent since Sunday when South Korean crypto exchange Coinrail said it had been hacked.
US Government Grants $800K to Blockchain Researchers
The U.S. government will help fund a distributed ledger platform being developed by researchers at the University of California-San Diego.
Subhashini Sivagnanam, a researcher and software architect
Senior BitConnect Promotor Arrested by Indian Authorities
A promoter of the controversial cryptocurrency platform BitConnect was arrested on August 19, according to a local news outlet in India.
Former BitConnect India head Divyesh Darji was arrested at I
Softbank, Baidu Lead $3 Million Funding for Ex-Googler's Crypto Startup
A team led by a former Google staffer is taking aim at the online advertising giant.
Called Atlas Protocol, the startup believes that the data accumulating on blockchains today can be used to bette
Crypto Exchanges Join Winklevoss Backed Self-Regulatory Group
A group of cryptocurrency exchanges has joined up with Gemini founders Cameron and Tyler Winklevoss to launch a new industry-focused self-regulatory organization (SRO).
First proposed in March, the
Bakkt CEO: Crypto Trading Platform Won't Support Margin Trading
Two weeks after the Intercontinental Exchange (ICE) introduced Bakkt, a new digital assets platform, the latter's CEO has set out to explain what the service will offer consumers.
Bakkt chief execu
Blockchain Firm to Raise $24 Billion for Electric Bus Upgrades in China
Blockchain and AI technology company Seven Stars Cloud Group has scored a major deal to help raise $24 billion to fund large-scale electric bus upgrades for China's biggest full-service operator.
SEC Faces Thursday Deadline for ProShares Bitcoin ETF Decision
Less than a month after delaying a decision on a bitcoin-based exchange-traded fund (ETF), the U.S. Securities and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed
Blockchain Enters 'Trough of Disillusionment' on Gartner's Hype Scale
Interest in blockchain technology is waning, research firm Gartner said in its latest "Hype Cycle for Emerging Technologies" report.
Gartner included blockchain, along with four other emerging tech