The searches for Bitcoin is dead has skyrocketed and may indicate that we have already seen, or are close to, the floor in the price of Bitcoin.
We will analyze the opinion of @CZ_Binance
Bitcoin has already been killed about 500 times but when Bitcoin's search for corrections is triggered it can be used as another indicator that the bottom is near.
Google searches skyrocket for Bitcoin and Bitcoin dead as Bitcoin breaks $20,000.
The data is from Google Trends
Each time Bitcoin is better known and adopted, therefore this search would have to go down over time, and thus it can be seen in the graphs that each peak is smaller.
But at the same time it also depends on emotions, negative news about Bitcoin brings fear and increases the search.
What we can do is use this search as one more indicator that we have already seen or are close to the floor in the price of Bitcoin
Binance CEO “CZ” has given his opinion on the Bitcoin bottom at a time when crypto analysts and Bitcoin advocates are trying to anticipate a bottom.
source: twitter.com/cz_binance/status/1538647152813039616
When “bitcoin is dead” stories pop up, he believes that Bitcoin will bottom out.
“Historically speaking, if he bought #bitcoin every time there was a “Bitcoin is dead” headline, he would have done well.”
As a result, he argued, everyone who bought Bitcoin when such sentiment existed, in the past, made the most money.
He also expressed:
"Logic: when they lose hope, that's when the bottom is in."
I loved this phrase from CZ and I think that:
The bottom of the price of Bitcoin is reached when the sentiment of investors is that the recovery will not be quick.
At first, in a correction, investors know that bitcoin is going to correct but they hope for a quick recovery and so they decide to invest with a downward bitcoin, this would be the moment where the price of bitcoin is heading towards a new floor
When the price of Bitcoin reaches values that a quick recovery of all investors is lost, it is when the price continues to correct, investors no longer place purchase orders because the feeling is that it will continue to be bearish.
Investors know that the recovery will not be quick
That is the moment in which the Bitcoin price will continue correcting to hit the bottom.
I see that most investors know that Bitcoin is not going to recover quickly and the feeling is generalized, and that the price could continue to correct, that is, in my opinion, we are close to the moment or we already live the price floor of Bitcoin
