Amid warnings that Bitcoin could plunge to as low as $20,000 if the $50,000 level collapses, market fear is intensifying as data shows that searches for “Bitcoin is dead” have reached an all-time high.
According to cryptocurrency media outlet Finbold on February 21 (local time), Bitcoin (BTC) recently fell sharply below $70,000 and has since entered a consolidation phase in the mid-$60,000 range. Prominent Bitcoin critic Peter Schiff claimed on X on February 19 that bearish forces are preparing to test the long-term support level at $50,000. He warned that if $50,000 breaks, downward momentum could accelerate, potentially pushing prices down to the $20,000 range.
As of the time of reporting, Bitcoin was trading at $68,210, rebounding about 2% over the past 24 hours, though its direction remains unclear. Schiff particularly noted that if the price settles below $55,000, the breakdown of psychological and technical support could trigger cascading liquidations and further deterioration in investor sentiment. Earlier this month, he mentioned the possibility of a drop to $10,000 but later revised his downside target upward to $20,000. Nevertheless, his overall stance remains strongly bearish.
Indicators reflecting market fear are also reaching extremes. According to crypto outlet U.Today, Google Trends data shows that searches for “Bitcoin is dead” have hit a record high. On-chain analytics platform Solid Intel stated that the spike in searches coincided with Bitcoin trading around the $68,000 level. This is considered a typical fear signal that often appears during sharp downturns, with similar patterns observed near major market bottoms in previous cycles.
Historically, Bitcoin has undergone corrections exceeding 50% multiple times but has subsequently reached new highs. Key support levels have tended to absorb liquidity during bear markets; however, if a decisive breakdown occurs, a surge in short-term volatility would be unavoidable. The $50,000 level is more than just a price point—it serves as a psychological benchmark for market confidence.
With Schiff’s pessimism and extreme search data emerging simultaneously, the market now stands at a crossroads between fear and hopes of a rebound. Whether Bitcoin can defend the $50,000 level is expected to be a crucial turning point determining its mid- to long-term trajectory.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.  <저작권자 ⓒ 코인리더스 무단전재 및 재배포 금지>
|
  많이 본 기사
English 많이 본 기사
|
