According to the results of a survey released today, 47% of respondents believe that Bitcoin 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 well-known cryptocurrency market analyst @TechDev_52. His Twitter account is followed by more than 400,000 people. A statistically valid sample of 7991 respondents took part in the survey. Therefore, its results can be considered to reflect the broad sentiment of crypto investors.
To the question “When will Bitcoin make a new ATH?” there were 3 possible answers: 2023, 2025, and never. “2025” turned out to be the most frequently chosen answer, as it was indicated by as many as 47% of respondents. In second place was the answer “2023” with 38% of the votes. The last place was “never” with 15% of the votes.
The survey creator commented that the “majority doesn’t expect new highs until at least 2025.” He then added that the “majority also expected 100k+ in 2021.” Furthermore, in a comment under the tweet, he noted that the last response, that BTC will never reach a new ATH, received the highest number of responses he had ever seen. Source: Twitter
“Bitcoin ATH” is dying in Google Trends
The extremely pessimistic sentiment of cryptocurrency market participants expressed in a Twitter poll is confirmed bydata from Google Trends. Looking at the number of searches for the phrase “Bitcoin ATH” over the past 5 years, the researches note that its searches are close to an absolute bottom.
The phrase “Bitcoin ATH” in the week of August 14-20, 2022 recorded a value of 1 on a 100-degree scale. The peak of searches for this phrase at 100 was during the week of October 17-23, 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 phrase “crypto ATH.” The results of the recent period reflect the condition of the crypto market in an even better way than the phrase “Bitcoin ATH”. In other words, almost no one is interested in the phrase “crypto ATH” today. Source: Google Trends
Interpretation of the data
It is not easy to clearly interpret the data.On the one hand, this may indicate an extreme loss of faith in a positive scenario for the near future.On the other hand, both sets of data presented above may be a positive sign of an impending or already reached the 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 a new ATH by 2025, the market may again want to prove the majority is always wrong.
Bitcoin price faces hurdles
Bitcoin price remained well bid above the$21,000 support zone. BTC formed a base above $21,000 and started a consolidation phase.
There was a minor upward move above the $21,250 and $21,350 levels. The price was able to surpass the $21,500 level and the 100 hourly simple moving average. However, the bears were active near the $21,640 resistance zone.
It seems like the 23.6% Fib retracement level of themain dropfrom the $24,415 swing high to $20,797 low is acting as a strong resistance. Bitcoin price is now trading above the $21,200 level and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $21,500 and $21,640 levels. The first major resistance on the upside sits near the $22,000 level.
If there is an upside break above the $22,000 resistance zone, the price may perhaps rise towards the $22,500 resistance zone. There is also a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Hourly MACD – The MACD is now losing pace in the bearish zone
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level
Major Support Levels – $21,000, followed by $20,800
Major Resistance Levels – $21,640, $22,000 and $22,500
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