Google searches for “Bitcoin dead” increased significantly in the week ending June 18, likely reaching an all-time high. Google Trends tracks search term interest over time, assigning scores ranging from 1 to 100 based on the total number of user queries.
The data is anonymized, categorized by topic, and aggregated by location.
Based on preliminary data, “Bitcoin dead” received a score of 100 for June 12–18. The last search query received a perfect score was around December 2017.
Why ‘Bitcoin dead’s searches surged
Following weeks of persistent asset price selloffs, the Google search results indicate peak concern in the cryptocurrency markets. The Federal Reserve’s major policy move, which has put downward pressure on risk assets, may have initiated Bitcoin’s downward spiral, which is now in its seventh month.
The Terra ecosystem’s collapse and its associated contagion repercussions have also played a role. Due to the current market conditions, credible speculation has surfaced that key industry participants such as Celsius and Three Arrows Capital are in danger of going bankrupt.
Buy BTC?
According to popular market analyst Rek Capital, now may be the best time for Dollar Cost Averaging (DCA) rather than waiting for the next Bitcoin bottom.
“Many BTC indicators are suggesting that we are close to an absolute bottom in this macro bottoming period But the more confluence we get, the more there is an emotional urge to focus on the one or two metrics that suggest that $BTC could go lower Dollar-Cost Averaging helps,” Rek Capital wrote.
He further said that it would be wiser to average down Bitcoin from present levels and keep the asset until the next bull cycle, which he estimates will last at least 4-5 years.