A recent poll found that 47% of people think BTC won't hit a new all-time high before 2025. 15% of respondents polled say they don't think Bitcoin will ever surpass its record high. According to Google Trends, the terms "Bitcoin ATH" and "crypto ATH" have peaked.
The results of a survey conducted today indicate that 47% of participants think Bitcoin (BTC) won't achieve a new ATH until 2025. The extraordinarily gloomy attitude of bitcoin market players is reflected in this conclusion, which is further supported by data from Google Trends.
On the profile of renowned cryptocurrency market analyst @TechDev 52, a survey was performed. The number of people who follow him on Twitter exceeds 400,000. 7991 participants made up a statistically significant sample in the study. As a result, its outcomes can be regarded as representing the general opinion of cryptocurrency investors.
The majority "doesn't expect fresh highs until at least 2025," the survey's creator observed. The majority "also predicted 100k+ in 2021," he continued. Additionally, he mentioned in a comment under the tweet that the final reaction, stating that BTC will never hit a new ATH, had the most responses he has ever seen.
Google Trends shows that "Bitcoin ATH" is declining.
Data from Google Trends supports the incredibly gloomy attitude of cryptocurrency market players as reflected in a Twitter poll. Looking at the volume of searches for the term "Bitcoin ATH" over the previous five years, we can see that they are almost at their lowest point.
In the week of August 14–20, 2022, the phrase "Bitcoin ATH" registered a value of 1 on a scale of 100. When Bitcoin surpassed the ATH of $64,850 from April 2021, the number of searches for this topic peaked at 100 during the week of October 17–23, 2021. BTC reached $69,000 a month later on November 10 and started a drop that hasn't stopped as of yet.
The "crypto ATH" search results provide yet another reason for the negative attitude and waning interest in the cryptocurrency market. Even more accurately than the term "Bitcoin ATH," the results of the most recent period represent the state of the cryptocurrency market.
We can see from the chart of the last five years that in 2021, something resembling a double top emerged, which was followed by a steady fall in interest. First, the week of May 2-8, 2021 (value 95), and subsequently the week of October 17–23, 2021, saw the occurrence of this double top (value 100).
It's interesting to note that the subsequent drop in searches for "crypto ATH" was considerably less severe than for "Bitcoin ATH." The first measurement of zero since November 2020 results from the end of this decline, which we have only recently observed in the prior week. In other words, today, hardly anyone is interested in the term "crypto ATH."
The analysis of the data
It is difficult to understand the data, which unmistakably shows the crypto sector's unfavorable mood. Participants in the cryptocurrency market don't think Bitcoin will experience any new high in the near to medium term. Furthermore, nobody is looking for information on the likelihood of hitting a new ATH.
On the one hand, this can signify a severe lack of faith in a scenario that will turn out well in the near future. Without this faith, the market will keep declining like a self-fulfilling prophecy.
