{"id":611789,"date":"2024-06-06T19:00:45","date_gmt":"2024-06-06T19:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=611789"},"modified":"2024-06-11T07:48:42","modified_gmt":"2024-06-11T07:48:42","slug":"bitcoin-approaching-all-time-highs-why-is-retail-interest-rapidly-declining","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-approaching-all-time-highs-why-is-retail-interest-rapidly-declining\/","title":{"rendered":"Bitcoin Approaching All-Time Highs: Why Is Retail Interest Rapidly Declining?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin is in an uptrend and will likely breach the all-important liquidation line at $72,000. At the spot rate, the coin is up approximately 25% from May lows and may rally, even breaking all-time highs of $73,800.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Retail Interest In Bitcoin Falling Even As Prices Approach All-Time Highs<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Even as Bitcoin prints impressive higher highs, Mike Alfred, a &#8220;value investor&#8221; and an active crypto commentator, has <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/mikealfred\/status\/45760900\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">identified<\/span><\/a><span data-preserver-spaces=\"true\"> a surprising disconnect: organic search engine traffic on Google is dropping. Apart from the spike in search from Q4 2023 till early January 2024, the trend has been southwards since then.<\/span><\/p>\n<figure id=\"attachment_611790\" aria-describedby=\"caption-attachment-611790\" style=\"width: 706px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-611790\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/GPWIqGTbQAE9gMj.png?resize=706%2C423\" alt=\"Bitcoin price versus searches | Source: @mikealfred via X\" width=\"706\" height=\"423\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/GPWIqGTbQAE9gMj.png?w=706 706w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/GPWIqGTbQAE9gMj.png?w=460 460w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\"><figcaption id=\"caption-attachment-611790\" class=\"wp-caption-text\">Bitcoin price versus searches | Source: @mikealfred via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The upswing in organic searches on Google during this period is primarily due to the United States Securities and Exchange Commission (SEC) preparing to approve the launch of spot Bitcoin exchange-traded funds (ETFs). <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/xrp-news\/crypto-analyst-xrp-0-75-july-despite-year-long-slump\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The excitement ahead of this milestone and the multi-year wait not only saw BTC prices rally but also improved sentiment. Subsequently, more people, mostly new to the industry, were eager to learn more about the digital asset.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/OPdkCwXt\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/OPdkCwXt\/\" alt=\"Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/OPdkCwXt\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The rally from Q4 2023 has not fizzled and continues to spot rates. Bitcoin dipped in February before bouncing sharply, breaking $70,000 and printing new all-time highs at $73,800. Even though prices fell weeks later, dipping to as low as $56,500 in May, bulls are preparing to take higher prices.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, unlike the interest seen from Q4 2023 through early January 2024, organic searches, as mentioned, are unusually falling. Alfred argues that this divergence points towards an &#8220;institutionally driven bull market&#8221; and still &#8220;early.&#8221; <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the past, and before the approval of spot Bitcoin ETFs, retailers played a big role in driving price and sentiment. However, institutions are in play with the products available in the United States. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One observer <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/ETFProfessor\/status\/69519487\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\"> that these market participants tend to exhibit &#8220;committed ownership,&#8221; negating the need for constant online searches. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Encouragingly, the absence of retailers in this cycle&#8211;extending from the search in organic searches&#8211;signifies a drop in speculative buying. Subsequently, in the current state, the Bitcoin market is more liquid and stable than before. <\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Increasing Awareness, Affordability A Reason?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">There are several explanations behind the drop in organic searches on Google and other search engines. Though institutions might be behind the rally, the decline is because the general awareness of Bitcoin has rapidly grown over the years. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of note, the availability of spot Bitcoin ETFs and widespread media coverage have boosted the coin&#8217;s recognition.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/beyond-btc-crypto-miners-get-brainy-embrace-ai-after-block-reward-whacking\/\" target=\"_blank\" rel=\"noopener \">Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Besides this, there is another aspect of affordability. With the price hovering around $71,200, purchasing a whole Bitcoin is out of reach for many. In return, this dampens retail investor enthusiasm, leading them to consider cheaper altcoins like Dogecoin or <a href=\"https:\/\/wncen.com\/press-releases\/dtx-exchange-presale-crosses-630000-as-solana-and-polygon-whales-join-stage-2\/\" target=\"_blank\" rel=\"noopener \">Solana<\/a>. <\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is in an uptrend and will likely breach the all-important liquidation line at $72,000. At the spot rate, the coin is up approximately 25% from May lows and may rally, even breaking all-time highs of $73,800. Retail Interest In Bitcoin Falling Even As Prices Approach All-Time Highs Even as Bitcoin prints impressive higher highs, Mike Alfred, a &#8220;value investor&#8221; and an active crypto commentator, has identified a surprising disconnect: organic search engine traffic on Google is dropping. Apart from the spike in search from Q4 2023 till early January 2024, the trend has been southwards since then. The upswing in organic searches on Google during this period is primarily due to the United States Securities and Exchange Commission (SEC) preparing to approve the launch of spot Bitcoin exchange-traded funds (ETFs). Related Reading: Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump The excitement ahead of this milestone and the multi-year wait not only saw BTC prices rally but also improved sentiment. Subsequently, more people, mostly new to the industry, were eager to learn more about the digital asset. The rally from Q4 2023 has not fizzled and continues to spot rates. Bitcoin dipped in February before bouncing sharply, breaking $70,000 and printing new all-time highs at $73,800. Even though prices fell weeks later, dipping to as low as $56,500 in May, bulls are preparing to take higher prices. However, unlike the interest seen from Q4 2023 through early January 2024, organic searches, as mentioned, are unusually falling. Alfred argues that this divergence points towards an &#8220;institutionally driven bull market&#8221; and still &#8220;early.&#8221; In the past, and before the approval of spot Bitcoin ETFs, retailers played a big role in driving price and sentiment. However, institutions are in play with the products available in the United States. One observer notes that these market participants tend to exhibit &#8220;committed ownership,&#8221; negating the need for constant online searches. Encouragingly, the absence of retailers in this cycle&#8211;extending from the search in organic searches&#8211;signifies a drop in speculative buying. Subsequently, in the current state, the Bitcoin market is more liquid and stable than before. Increasing Awareness, Affordability A Reason? There are several explanations behind the drop in organic searches on Google and other search engines. Though institutions might be behind the rally, the decline is because the general awareness of Bitcoin has rapidly grown over the years. Of note, the availability of spot Bitcoin ETFs and widespread media coverage have boosted the coin&#8217;s recognition. Related Reading: Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking Besides this, there is another aspect of affordability. With the price hovering around $71,200, purchasing a whole Bitcoin is out of reach for many. In return, this dampens retail investor enthusiasm, leading them to consider cheaper altcoins like Dogecoin or Solana. Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":424574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,92507,89583,92165],"class_list":["post-611789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-google-searches","tag-spot-bitcoin-etfs","tag-united-states-sec"],"acf":[],"yoast_head":"\n<title>Bitcoin Approaching All-Time Highs: Why Is Retail Interest Rapidly Declining?<\/title>\n<meta name=\"description\" content=\"Bitcoin is approaching all-time high but Google searches has been rapidly declining in 2024, suggesting absence of retailers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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