Bitcoin’s Bullish Surge Predicted to Topple $72k Despite Waning Retail Interest

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The buzz in the world of cryptocurrencies is that Bitcoin, the undisputed digital currency heavyweight, is riding on an uptrend and is all set to breach the crucial liquidation mark of $72,000. Sparking this new wave of optimism are figures that reveal a significant leap of approximately 25% from Bitcoin’s prices in May. Greater expectations are rife that Bitcoin is geared to even shatter the record high of $73,800.

However, not all aspects of the Bitcoin revolution signify unbridled enthusiasm. The sharp surge in Bitcoin’s value has unfolded a rather intriguing disparity – retail interest in Bitcoin appears to be declining, even as its prices are edging towards record highs.

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The telltale signs of this divergence emerge from an observation by Mike Alfred, a noted “value investor” and an influential voice in the cryptocurrency sphere. Alfred notes that despite Bitcoin’s bullish trend, organic search engine traffic on Google related to Bitcoin has been on a steady wane. Save for a significant uptick in searches from the fourth quarter of 2023 through early January 2024, the curve has largely slumped southwards.

The surge in Google searches during that specific period was largely spurred on by anticipations surrounding the United States Securities and Exchange Commission’s impending approval of spot Bitcoin exchange-traded funds (ETFs). As the SEC geared up to give the green light to the Bitcoin ETF launch, the excitement bubbled over, leading not only to a rally in Bitcoin prices but also enhancing general sentiment towards the cryptocurrency.

Subsequently, this boosted interest from a wave of newcomers, eager to delve deep and broaden their understanding of this digital asset. This buoyed the rate of Bitcoin, which rallied from the final quarter of 2023 all the way to the present day spot rates. Bitcoin prices dipped in February but made a robust comeback, bursting past the $70,000 mark, thus rewriting records by hitting $73,800. Despite a subsequent tumble to as low as $56,500 in May, bullish sentiments are rising again, priming the cryptocurrency for higher reaches.

Interestingly, unlike the interest generated from the fourth quarter of 2023 through early January 2024, there’s a marked decrease in organic searches. This decoupling, as Alfred points out, suggests an “institutionally driven bull market” afoot.

In the era predating the approval of spot Bitcoin ETFs, retail sector contributions played a pivotal role in propelling Bitcoin’s price and sentiment. Presently, however, newfound institutional elements, courtesy of the products available in the United States, have taken over the reins.

As indicated by one observer, these market participants exhibit a sense of “committed ownership”, essentially rendering constant online searches redundant. Encouragingly from a market perspective, the relative absence of retailers in the present cycle suggests a reduction in speculative buying, resulting in a more liquid and stable Bitcoin market.

This slumping of organic searches on search engines like Google can be attributed to several factors. While the rally could potentially be institution-led, the general awareness of Bitcoin has seen a steady upswing over the years. This can be credited to the launch of spot Bitcoin ETFs and the ensuing extensive media coverages that have amplified Bitcoin’s visibility.

Another aspect that cannot be overlooked is the high cost of Bitcoin, currently hovering around $71,200. The soaring prices have rendered acquiring an entire Bitcoin a daunting proposition for many. This has inadvertently quelled retail investor enthusiasm, leading them to favor more economical alternatives like Dogecoin or Solana.