The price of Bitcoin (BTC) fell below $18,000, creating turmoil in the market over the weekend. Following that, searches for “Bitcoin Dead,” were the highest they have ever been simultaneous.
The phenomenon was noticed by many, including Alex Kruger, a market analyst. The latter twitted about it as well.
Google searches for "bitcoin dead" hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL
— Alex Krüger (@krugermacro) June 20, 2022
“Historically, you would have done well if you bought Bitcoin every time a “bitcoin is dead” headline appeared. Logic says that when people lose hope, that’s when the bottom is in, according to Binance CEO Changpeng Zhao.
Only a few have predicted these market lows. Bitcoin’s (BTC) price has rebounded and is now trading above $20,000, following a fall to under $18,000 over the weekend.
According to Rek Capital, a market expert, many BTC indications show that we are near an absolute bottom in this macro bottoming period. Still, the more confluence we see, the more emotional we feel compelled to focus on the one or two metrics that signal $BTC might fall in value.
Until the next bull cycle, which is expected to be at least 4-5 years from now, he went on to say that it is best to average down Bitcoin from current prices and keep the amount.
Bitcoin data science shows that anything below $35,000 is an area that has historically yielded outsized ROI for long-term Bitcoin investors, which is why anything below $20,000 is a gift – he added.
Considering the market conditions, Bitcoin (BTC) could fall even lower.
Further interest rate rises are bound to be announced by the Fed, and the United States is on the verge of entering a recession. Nevertheless, that would be expected if investors began accumulating wealth and maintaining investment discipline.