Falling Bitcoin prices are reviving renewed speculation about the potential disappearance of the leading cryptocurrency, according to Google search trends. Google searches for "Bitcoin dead" rose in the week ending Friday, June 18, and probably reached its highest level ever.
Google Trends tracks interest in search terms over time, assigning ratings ranging from 1 to 100 based on the total number of user queries. Data are anonymized, categorized by topic, and aggregated based on location.
The last time this happened was in 2017
“Bitcoin dead” scored a score of 100 for the period June 12-18 based on preliminary data shown by a dotted line.
The last time the search query for this term reached 100 was sometime in December 2017. Google search results reflect the biggest concern for the cryptocurrency market after weeks of relentless falling crypto asset prices.
The downward price spiral of Bitcoin, which is now in its seventh month, may have been prompted by a major change in the Federal Reserve’s (FED) monetary policy, which put selling pressure on risky assets by raising interest rates.
The implosion of the Terra ecosystem and its associated effects on the market have also contributed to falling prices. Adverse market conditions have also led to credible speculation that major players in the industry, such as Celsius and Three Arrows Capital, are facing illiquidity.
The world’s major media outlets have written hundreds of obituaries for Bitcoin over the years; their experts are cheering for the latest market collapse as proof that the largest cryptocurrency is not a sustainable asset.
Bitcoin reportedly “died” 45 times in 2021 alone when digital assets reached multiple record highs. The price of Bitcoin tends to briefly dip below its 200-week MA and then slowly work its way up, starting a new uptrend.
This is an encouraging sign, given that BTC is trading very close to its 200-week MA after short stints below it. Also, based on previous patterns, BTC could dip below the 200-week MA, but not too far below and not for too long.