Google searches are one way to gauge the crypto market sentiment. Although they do not reflect overall market conditions, Google search trends can give a general idea of market interest or concerns.
Amidst Bitcoin's continued decline in price, Google searches reflect market fear. Data from Google Trends shows that global searches for the keywords “Bitcoin going to zero” and “Is Bitcoin dead?” are rising sharply. The data shows that searches for these keywords have reached their highest levels in the last 5 years.
This Google search trend mirrors the crypto market fear recorded on the Fear and Greed Index, a sentiment gauge that analyzes investors’ views based on factors such as market volatility and social media posts.
The index currently sits at 7, indicating the market is in a state of extreme fear. Last week, the Fear and Greed Index even hit 5, the lowest level since 2019.
Unfortunately, a price recovery does not seem likely in the near future. Analysts at Myriad Markets believe Bitcoin is more likely to fall to $55,000 than rise to $84,000.
Similarly, traders on the prediction market platform Polymarket are betting that Bitcoin will fall to $60,000 before rising to $80,000.
However, experts argue that Bitcoin's price will not reach zero.
A recent analysis from Standard Chartered reveals that Bitcoin is likely to fall to $50,000 before rebounding to a new all-time high. Meanwhile, analysts on the on-chain analysis platform CryptoQuant argue that Bitcoin's ultimate bear market bottom is $55,000 before it consolidates and recovers.
Also Read: What is Bear Market: Definition, Characteristics, and Strategies to Face It in the Crypto World
CoinMarketCap data shows that Bitcoin is currently trading at $67,800. How do you analyze crypto prices? Learn the steps in the article What Is On-Chain Data? How to Read On-Chain Analysis in Crypto.
