Bitcoin Searches Hit ‘Extreme Fear’ as Price Slumps 47% From High

Data from Google Trends reveals a significant spike in worldwide queries for phrases like “Bitcoin going to zero” and “Is Bitcoin dead?”, reaching their highest levels since 2022. This surge in public trepidation directly correlates with a historic low in market sentiment. The Crypto Fear and Greed Index, which analyzes variables including market volatility and social media posts, recently plunged to a reading of 5. This matches its lowest-ever mark, a level not seen since 2019, and firmly places the market in a state of “Extreme Fear.”

The catalyst for this fear is a stark price decline. Bitcoin, which reached an all-time high above $126,000 in October, was recently changing hands around $66,561, representing a drop of approximately 47%. This sustained slide has eroded trader confidence, with the Fear and Greed Index indicating that the market mood is far from the “greed” typically associated with rising asset prices. The convergence of spiking doom-related searches and a multi-year sentiment low paints a clear picture of a retail investor base bracing for further pain.

The fearful sentiment is reflected in the odds on major prediction platforms. On Myriad Markets, a platform operated by Decrypt’s parent company Dastan, predictors believe Bitcoin is more likely to “dump” to $55,000 before it would “pump” to $84,000, assigning the decline roughly 64% odds. Traders on Polymarket are even more confident, placing 68% odds on Bitcoin hitting $60,000 before it reaches $80,000. Perhaps most starkly, predictors on Kalshi have penciled in around a 36% chance that BTC will trade below $40,000 before the year ends.

This bearish near-term outlook is echoed, though tempered, by institutional analysis. Recent analysis from Standard Chartered indicated that further pain, potentially a drop to the $50,000 level, could be the next move before a eventual return to all-time highs. Similarly, analysts at CryptoQuant have suggested that Bitcoin’s “ultimate bear market bottom” could be $55,000, a level it may fall to before consolidating and moving higher. Crucially, while these forecasts acknowledge significant downside risk, they uniformly stop short of predicting a collapse to zero, drawing a clear line between a deep correction and total failure.

Amid the prevailing fear, the most vocal Bitcoin advocates remain steadfast. Michael Saylor, co-founder and Executive Chairman of MicroStrategy, exemplifies this unwavering bullishness. His firm continues its aggressive accumulation strategy, adding to a Bitcoin stash now valued at approximately $47 billion. Saylor recently stated he expects the company to continue buying Bitcoin “every quarter, forever,” directly confronting the “going to zero” narrative propagated by anxious search queries.

“If you think it’s going to zero, then we’ll deal with that,” Saylor said, before adding, “But I don’t think it’s going to zero.” This stance creates a fundamental dichotomy in the current market: widespread retail fear, as quantified by Google Trends and the Fear and Greed Index, versus the conviction of major holders and analysts who view the downturn as a severe but temporary consolidation phase. The market’s next direction may hinge on which of these forces—capitulation or accumulation—ultimately prevails.