As Bitcoin continues its sharp retreat from its October peak above $126,000, panic is spilling beyond price charts and into search engines. Data from Google Trends shows that global searches for “Bitcoin going to zero” and “Is Bitcoin dead?” have surged to their highest levels since 2022.
The spike reflects mounting anxiety as Bitcoin recently traded around $66,561, marking a decline of roughly 47% from its all-time high of $126,080.
Extreme Fear Returns to the Market
The surge in doomsday searches aligns with a broader collapse in crypto market sentiment. The widely watched Fear and Greed Index, which tracks volatility, trading activity, and social media trends, recently dropped to a reading of 5, placing the market deep in “Extreme Fear.”
That level matches the lowest point seen since 2019.
Historically, such extreme readings have appeared during moments of capitulation, when investors are gripped by pessimism. While fear often precedes relief rallies, it does not guarantee an immediate rebound.
Prediction Markets Turn Bearish
Traders are increasingly betting on further downside before any meaningful recovery.
On Myriad Markets, predictors currently assign roughly 64% odds that Bitcoin will fall to $55,000 before rallying back to $84,000. Participants on Polymarket are even more confident that BTC will hit $60,000 before reaching $80,000, placing that probability at about 68%.
Meanwhile, Kalshi traders estimate roughly a 36% chance that Bitcoin trades below $40,000 at some point this year.
These probabilities highlight a market that is bracing for additional volatility rather than positioning for a swift return to new highs.
Analysts See Pain, But Not Collapse
Despite the alarming search trends, most analysts do not see Bitcoin collapsing to zero.
Research from Standard Chartered suggests that a drop toward $50,000 could mark the next major leg lower before the asset eventually resumes its long-term uptrend. CryptoQuant analysts have also pointed to $55,000 as a potential “ultimate bear market bottom” where consolidation may occur before recovery.
Such projections frame the current downturn as part of a cyclical retracement rather than a structural failure.
Long-Term Bulls Stay Unshaken
Prominent Bitcoin advocates remain unfazed.
Strategy co-founder and Executive Chairman Michael Saylor continues to accumulate Bitcoin aggressively. His firm now holds approximately $47 billion worth of BTC, and Saylor recently reiterated his long-term commitment.
The contrast between public search panic and institutional accumulation underscores the psychological divide currently defining the market.
Panic as a Cycle Marker?
Bitcoin has historically experienced dramatic drawdowns before staging powerful recoveries. However, each cycle tests investor conviction in new ways.
The spike in “Bitcoin going to zero” searches suggests fear is reaching levels not seen in years. Whether this marks a true capitulation point or merely another stage in a prolonged correction remains to be seen.
For now, the data shows one clear trend: confidence is fragile, volatility is elevated, and fear is dominating the narrative - even if a total collapse remains highly unlikely.
