Is Bitcoin Dead? CZ Says Those Calls Have Marked the Best Times to Buy
Every time Google searches for "Bitcoin is dead" spike, Binance founder CZ calls it a buying signal, and so far he has been right. But the unusual mix of panicked search trends against eerily calm investor sentiment raises a question…
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Crypto traders and Wall Street are once again searching Google for “Is Bitcoin dead?” This renewed concern comes despite Bitcoin’s (CRYPTO: BTC) impressive 11,786% gain over the past decade. Bitcoin is currently trading at $80,530, 36.1% below its all-time high. It has dropped 3.5% in October 2026 and is down 27.4% over the last year.
Changpeng Zhao, known as CZ and the founder of Binance, interprets this worry as a buying opportunity. On October 23, he said previous claims that “Bitcoin is dead” often signaled the best time to buy. However, these claims typically come early, and Bitcoin sometimes continued to decline for months before bouncing back. Are we seeing a resurgence of obituaries like those that preceded Bitcoin’s biggest rebounds?
Searches for “Bitcoin Is Dead” Just Hit Their Highest Level Since FTX
In mid-October, Google searches for “Bitcoin is dead” reached their highest level since the collapse of FTX, according to data reported on October 18. FTX, the crypto exchange, filed for bankruptcy in November 2022, the same month Bitcoin hit a monthly low of $15,599, marking the bottom of that bear market.
This is the second significant surge in searches this year. In June, interest in the phrase hit a record high, and CZ confidently said Bitcoin wouldn’t remain “dead” for long. By the end of June, Bitcoin closed at $58,524, but it dropped to $57,718 on July 1, as that peak-search month ended.
So far, CZ’s June prediction has proven accurate. Since hitting that July low, Bitcoin has surged 39.5% to $80,530 and gained 23.4% over the past 90 days.
Past “Bitcoin Is Dead” Waves Came Before Huge Rebounds
Bitcoin has faced several crises severe enough to warrant obituaries. The following table highlights five of the most significant downturns, detailing the lowest points and the later recoveries:
| Drawdown | Low Point | Later Close |
|---|---|---|
| 2011 crash | $2 (November 2011 low) | $1,129 (November 2013) |
| 2014 bear market | $320 (December 2014 close) | $431 (December 2015) |
| 2018 bear market | $3,746 (December 2018 close) | $10,912 (June 2019) |
| COVID crash | $4,004 (March 2020 low) | $28,978 (December 2020) |
| FTX collapse | $17,189 (November 2022 close) | $34,650 (October 2023) |
These rebounds have been substantial. For instance, Bitcoin’s June 2019 close was 191.3% above its December 2018 close, and the October 2023 close was 101.6% higher than the November 2022 close.
However, buyers often struggle to time the bottom accurately. After the December 2014 close, Bitcoin fell to $172 in January 2015 and took a whole year to gain just 34.6%. Following FTX, Bitcoin closed December 2022 at $16,538, below its November close. While obituaries surfaced near the bottom, they often arrived too early.
Bitcoin’s 2026 Drop Is Smaller and Calmer Than Past Bottoms
Every past wave of obituaries followed significant drops in Bitcoin’s value from previous highs. For example, in 2018, the price fell from a December 2017 high of $19,927 to a December 2018 low of $3,189. Similarly, in 2022, it fell from a November 2021 high of $68,770 to a November 2022 low of $15,599.
In contrast, the 2026 decline is less dramatic, with Bitcoin 36.1% below its all-time high. The Crypto Fear & Greed Index, which gauges investor sentiment, sits at a neutral 46, suggesting most investors aren’t panicking, while search activity suggests otherwise.
The curious combination of surging searches alongside calm investor sentiment is unusual. A similar mix of signals appeared in an October 16 analysis of whether Bitcoin had bottomed after dipping below $80,000.
Is Bitcoin Dead, or Could CZ Be Right Again?
The current situation mirrors past obituary waves in search interest, but investor sentiment and the overall decline differ. Sentiment remains neutral, and Bitcoin has avoided the drastic drops that set up the 2018 and 2022 bottoms. Long-term holders have profited, as Bitcoin is up 28% over five years. Nevertheless, past patterns can fail, and Bitcoin has decreased 4.4% over the past month and 0.9% in the past week.
While Bitcoin doesn’t appear dead, the bottom that CZ suggests remains uncertain. Historical trends indicate that downturns often conclude after midterm elections, as a recent analysis of Bitcoin and the midterms noted. If Bitcoin holds above the July low of $57,718 as fear escalates, it could resemble the obituary bottoms CZ describes. Conversely, if the price drops below that low, we might still be facing a final wave of panic selling.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
