Bitcoin is racing fast toward its all-time high of $109,111, with prices surging. But despite this strong rally, the retail interest is still subdued. Wikipedia searches for cryptocurrencies are low again, even as Bitcoin briefly touched $108,000 level today. This shows that people are not very confident right now.
Markets might be in a phase of disbelief or the excitement may have cooled off. Historically, big jumps in interest happened when the market was very excited and prices were at their highest.
Low Bitcoin interest despite 6x price jump
The search interest related to Bitcoin on Google Trends also remains low. This can be compared to the bear market period of 2022, when Bitcoin was trading only around $16,000. Despite Bitcoin’s price jumping 6x since 2022, the interest remains significantly low.
Do Altcoin rallies trigger real retail hype?
One X user observed that retail investors are not excited by Bitcoin’s price alone. Instead, they tend to jump in when altcoins skyrocket. The takeaway here is that altseason is when retail truly shows up, and that’s when big players use the hype to sell. Until that euphoric altcoin surge happens, the bull market is not over.
This view also aligns with Matrixport’s take that most Bitcoin is being held by long-term investors and not everyday people. The lack of retail investors may explain why Google search interest for Bitcoin remains low, even as its price approaches record highs. Some in the crypto space see this as a bullish sign, calling it the “silence before the detonation.”
Will The Rally Last?
But it also raises concerns over the sustainability of the current rally as the markets may lack the liquidity needed for long-term growth. Still, the long term outlook is optimistic with bullish targets for Bitcoin.
