Bitcoin (BTC) Will Not Reach New ATH Until 2025 – 7991 People Poll
According to the results of a survey released today, 47% of respondents believe that Bitcoin (BTC) will not reach a new ATH until 2025. This result reflects the extremely pessimistic sentiment of cryptocurrency market participants, which is further confirmed by data from Google Trends.
The survey was conducted on the profile of a well-known cryptocurrency market analyst @TechDev_52. His Twitter account is followed by more than 400,000 people. A statistically valid sample of 7,991 respondents took part in the survey. Therefore, the results can be considered to reflect the broad sentiment of crypto investors.
To the question “When will #Bitcoin make a new ATH?” it was 3 possible answers: 2023, 2025 and never. “2025” turned out to be the most chosen answer, given by a whopping 47% of respondents. In second place came the answer “2023” with 38% of the vote. The last place was “never” with 15% of the vote.
The creator of the survey commented that “the majority do not expect new highs until at least 2025.” He then added that “the majority also expected 100k+ in 2021.” Further in a comment under the tweethe noted that the last response, that BTC will never reach another ATH, received the highest number of responses he had ever seen.
“Bitcoin ATH” dies in Google Trends
The extremely pessimistic sentiment of cryptocurrency market participants expressed in a Twitter survey is confirmed by data from Google Trends. If we look at the number of searches for the phrase “Bitcoin ATH” in the last 5 years, we notice that the searches are close to an absolute bottom.
The phrase “Bitcoin ATH” in the week of August 14-20, 2022 registered a value of 1 on a 100-degree scale. The peak of searches for this phrase of 100 was during the week of 17-23. October 2021, when Bitcoin surpassed the ATH of $64,850 from April 2021. A month later, on November 10, BTC reached $69,000 and began a decline that continues to this day.
An additional argument for negative sentiment and declining interest in the cryptocurrency sector is the search results for the term “crypto ATH”. The results of the last period reflect the state of the crypto market in an even better way than the expression “Bitcoin ATH”.
In the chart of the last 5 years, we can see that something like a double top was formed in 2021, followed by a gradual decline in interest. This double peak only occurred in the week 2-8. May 2021 (value 95), and then in the week 17–23 October 2021 (value 100).
Interestingly, the subsequent decline in searches for the term “crypto ATH” was much milder than for the term “Bitcoin ATH.” However, the end of this decline, which we just saw last week, leads to the first reading of 0 since November 2020. In other words, almost no one is interested in the term “crypto ATH” today.
Interpretation of the data
It is not easy to clearly interpret the data, which unequivocally indicates the negative sentiment of the crypto sector. Cryptocurrency market participants do not believe that Bitcoin can reach new highs in the short to medium term. Moreover, no one is searching for data on the possibility of reaching a new ATH.
On the one hand, this may indicate an extreme loss of faith in a positive scenario for the near future. Without this belief, the market – like a self-fulfilling prophecy – will continue to fall.
On the other hand, both sets of data presented above could be a positive sign of an impending or already reached bottom. This is suggested by @TechDev_52 himself, who humbly admits that in 2021 he was among the majority who expected BTC above $100k. Today, with the majority not believing in another ATH by 2025, the market may once again want to prove that the majority is always wrong.
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