TechDev, who is known for his accurate long-term technical analysis, conducted a survey of more than 400,000 Twitter followers. Of these, 7,991 people participated, which can be seen as a reflection of the broad sentiment of crypto investors.
To the question “When will Bitcoin make a new ATH?” then there are three possible answers: 2023, 2025, and never. “In 2025” turned out to be the most chosen answer with 47%. In second place is the answer “in 2023” with 38%. Last place is “never” with 15%.
TechDev commented that “the majority do not expect new highs until at least 2025.” He then added that “a lot of investors also expect BTC to hit over $100,000 by 2021.” Furthermore, in a comment under the tweet, the analyst noting that BTC will never reach a new ATH has received the highest number of responses he has ever seen.
Bitcoin ATH” is falling in Google Trends
The extreme pessimism of crypto market participants is reflected in a TechDev poll confirmed by data from Google Trends. Looking at the search volume for the term “Bitcoin ATH” over the past five years, we see that it is close to hitting an absolute bottom.
The phrase “Bitcoin ATH” for the week of August 14-20, 2022, scored a one on a 100-point scale. The phrase reached a maximum scale of 100 for the week of October 17-23, 2021. , when Bitcoin broke through the ATH of $64,850 from April 2021. A month later, on November 10, BTC hit $69,000 and started a downtrend to this day.
An additional argument for the negative sentiment and diminished interest in the crypto sector is the search results for the term “Crypto ATH.” The results of the recent period reflect the state of the crypto market even better than the phrase “Bitcoin ATH.”
In the chart of the past five years, we can see that something like a double top is formed in 2021, followed by diminishing interest. This double top appears first in the week of May 2-8, 2021 (95 points) and then in the week of October 17-23, 2021 (100 points).
Interestingly, the drop in search volume for the term “Crypto ATH” is much more subdued than the phrase “Bitcoin ATH.” However, last week, the search volume for the term “Crypto ATH” was at zero for the first time since November 2020. In other words, to this day, almost no one cares about the phrase “Crypto ATH.” ”
Data Interpretation
The data is not easy to interpret but shows that investor sentiment is faltering in the cryptocurrency sector. Market participants do not believe that Bitcoin can make new highs in short to medium term. Furthermore, no one is looking for data on new ATHs.
On the one hand, this could indicate an extreme loss of confidence in a positive outlook in the near future. Without this belief, the market – like a self-fulfilling prophecy – will continue to fall.
On the other hand, both data presented above could be a positive sign of imminent or bottomed out. This is suggested by TechDev himself, who humbly admits that by 2021, he is also among the majority of those expecting BTC above $100,000. Today, with the majority not believing in the new ATH in 2025, the market may want to prove that the majority is always wrong.
