Bitcoin: phoenix or undead? – Since the creation of Bitcoin (BTC) by Satoshi Nakamoto on January 3, 2009, hundreds “expert” succeeded one another until today to announce the death of BTC. Until recently, Bill Gates explained that you had to be crazy to buy bitcoins. This belief in the death of Bitcoin is reflected in the search trends of Google.
The fear of seeing Bitcoin die at its worst in a long time
Enough is too much for Bitcoin! First, the Terra (LUNA) and UST disaster in May, then recent blocking of withdrawals from Celsiuscombined with the financial difficulties of the Three Arrows Capital (3AC) funds. An explosive cocktail that lowered the price of BTC below the symbolic bar of $20,000 (before it pulls itself together ever so slightly overhead).
In this general panic that is invading the cryptosphere, the term “Bitcoin Dead” (Bitcoin [est] dead) is again very busy in search engines. As can be seen below, in this graph taken from the site Google Trendsthese keywords had not been searched with a such intensity for several years.
Although the month of June is not over yet, the monthly search score is already 59 out of 100 – with the score of 100 representing the highest ever monthly search for these keywords.
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BTC ‘Death’ Search Peak: A Sign of an Approaching Market Low?
The last time the fear of seeing Bitcoin disappear was stronger than it is today dates back to December 2017. It is also the highest score ever for this trend. This date corresponds precisely to the beginning of thebubble burst from the previous bull run of the BTC, which had precisely led the cryptocurrency to a peak close to 20,000 dollars.
However, our current situation of 2022 seems perhaps more in line with the situation of March 2014. With a fear of Bitcoin’s death from 89 out of 100 listed in Google Trends at this time, it is for the moment the second strongest period of concern for the future of the king of cryptos.
On that date, the price of BTC had already experienced a sharp decline and was in full capitulation. Prices had in fact gone from a high of $1,100 end of 2013, less than $500 in March 2014. But the following month (April 2014) marked a low point for the BTC market. This same market then experienced a technical rebound and a (very) long stagnation.
Each cycle – bullish, bearish or neutral – on Bitcoin remains unique of course. But we see, with the case of March 2014, that this peak in research on the “death of bitcoin” is not not necessarily negative. Even in December 2017, this fear marked a trend change (in a bad way, we would say). The “final” capitulation on Bitcoin in our current cycle would it have already taken place?
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