15% of respondents believe that Bitcoin will never exceed its all-time high. Google Trends shows that the phrases “Bitcoin ATH” and “crypto ATH” have bottomed out.
According to the results of a survey published today, 47% of the respondents believe that the price of Bitcoin (BTC) will not reach a new ATH until 2025. This result reflects the extremely pessimistic sentiment of the cryptocurrency market participants, which is confirmed even more so with data from Google Trends.
The survey was conducted on the profile of the well-known cryptocurrency market analyst @TechDev_52. His Twitter account is followed by more than 400,000 people.
Survey Results
A statistically valid sample of 7,991 respondents participated in the survey. Therefore, its results can be considered to reflect the general sentiment of crypto investors.
To the question “When will #Bitcoin make a new ATH?” There were 3 possible answers: 2023, 2025, and never. “2025” turned out to be the most frequently chosen answer, as indicated by up to 47% of respondents. In second place was the answer “2023” with 38% of the votes. The last place was “never” with 15% of the votes.
The creator of the survey commented that “most do not expect new highs until at least 2025.” He then added that “most also expected more than 100k in 2021”.
Also, in a comment below the tweet, he noted that the last reply, that BTC will never reach a new ATH, received the most responses he has ever seen.
The search for “Bitcoin ATH” is dying in Google Trends
Data from Google Trends confirms the extremely pessimistic sentiment of cryptocurrency market participants expressed in the Twitter poll.
The phrase “Bitcoin ATH” in the week of August 14-20, 2022 registered a value of 1 on a scale of 100.
The peak of searches for this phrase at 100 was during the week of October 17-23, 2021, when Bitcoin surpassed the April 2021 ATH of $64,850. A month later, on November 10, BTC reached $69,000 and began a decline that continues to this day.
An additional argument for the negative sentiment and declining interest in the cryptocurrency sector is the search results for the phrase “crypto ATH”. The results of the recent period reflect the condition of the crypto market in an even better way than the phrase “Bitcoin ATH”.
Interestingly, the subsequent decline in searches for the phrase “crypto ATH” was much milder than that for the phrase “Bitcoin ATH.” However, the end of this drop, which we have just seen in the previous week, leads to the first reading of 0 since November 2020.
In other words, today hardly anyone is interested in the phrase “crypto ATH”.
Data Interpretation
It is not easy to clearly interpret the data, which unequivocally indicates the negative sentiment of the cryptocurrency sector.
Crypto market participants do not believe that Bitcoin can reach new highs in the short or medium term. Also, no one is looking for data on the possibility of reaching a new ATH.
On the one hand, this may indicate an extreme loss of faith in a positive scenario for the near future. Without this faith, the market, like a self-fulfilling prophecy, will continue to fall.
On the other hand, the two data sets presented above may be a positive sign of an impending or already reached the bottom.
This is suggested by @TechDev_52 himself, who humbly admits that in 2021 he was among most people who expected BTC to break above $100,000. Today, with many not believing in a new ATH until 2025, the market may again want to prove the pessimistic wrong.
By Audy Castaneda
