Here a more mathematical way of seeing it, though not really complicated. IMO much clearer as informal ones:
The question is, how many times can you divide N by 2 until you have 1? This is essentially saying, do a binary search (half the elements) until you found it. In a formula this would be this:
1 = N / 2x
multiply by 2x:
2x = N
now do the log2:
log2(2x) = log2 N
x * log2(2) = log2 N
x * 1 = log2 N
this means you can divide log N times until you have everything divided. Which means you have to divide log N ("do the binary search step") until you found your element.