Zooming out, searches for the term have reached the highest level ever recorded, according to Google Trends data. #Bitcoin will not recover”.Search Queries for Bitcoin Halving Go Parabolic Two Weeks Ahead of EventĪlso going parabolic over the last week alongside Bitcoin price, are search queries on Google Trends for the term “Bitcoin Halving.” His perspective on the cryptocurrency market remains quite clear: In this case, death was recorded by the phrase “Bitcoin will not recover” at the end of his tweet.
But previous declines didn't involve anywhere near the total market cap lost during this decline, nor did they involve massive leverage. Long-term Bitcoin #HOLDers aren't worried as they've been through 73% declines before. The latest source dates back to a tweet by the famous economist Peter Schiff, who has always been against the queen of cryptocurrencies: Chart of Bitcoin deaths recorded from the beginning of 2022 to nowĪny content that explicitly expresses the end of Bitcoin, describing it as useless or worthless, is defined as “Bitcoin Obituary”. The obituary list on the site shows how BTC “died” 15 times in 2022, and 455 times throughout its history. There is also the curious case of the 99bitcoins portal, which records how many times Bitcoin has died in a given period of time. Investors, who had bought at much higher prices, realized a total loss of $7.325 billion on the market, described as the largest in Bitcoin ‘s history. Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices.Ī thread exploring this in more detail 🧵 The last three consecutive days have been the largest USD denominated Realized Loss in #Bitcoin history. Glassnode, a leading crypto analytics firm, shared a thread on Twitter detailing what has happened over the past three days: At this point, it is easy to see how a total negative sentiment has turned into a massive sell-off of the held asset. In the last few days, Bitcoin has broken through the famous $20,000 support, reaching a low of $17,593. The losses recorded by Glassnode and the “deaths” of Bitcoin The aim is to predict short-term returns by exploiting complex machine learning models, using sentiment analysis as a basis. Indeed, there are several studies that find applications in the field of Natural Language Processing (NLP). In a market as irrational as the cryptocurrency market, it is not hard to believe that it is general sentiment that largely drives the price of a digital asset. So, once again, it is returns that drive emotions, and vice versa! Now, apparently, they all think Bitcoin is dead. During a bull phase, one can see that most people talk about it in a positive sense. Fear and Greed Index at an all-time low Sentiment analysis explained in briefĬlearly, the type of research also changes depending on the performance of the asset. This is confirmed by the data recorded by the Fear and Greed Index, which currently stands at 9, a level indicating “Extreme Fear”. Conversely, when such a sustained slump occurs, people begin to feel fear and lose confidence in their investment choices. When new highs are reached and we are in a prolonged bullish phase, enthusiasm and euphoria take over. Less experienced investors are almost never rational and their choices are mainly driven by emotions. It is well known how general market sentiment is influenced by the performance of the asset in question. Search interests divided by geographic areaĪs can be seen from the image above, the highest search volumes come from Canada, the United States and the United Kingdom. This is confirmed by Google Trends data, which record a peak for the search phrase “Bitcoin is Dead”. The general market sentiment is totally negative. Google Trends records a new peak for the search query “Bitcoin is Dead” Google Trends chart for Bitcoin is Dead” searchesīy now it is clear. The losses recorded by Glassnode and the “deaths” of Bitcoin.Google Trends records a new peak for the search query “Bitcoin is Dead”.
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