According to recent market presentations, Google search queries for “BTC will go to zero” are now higher than during the 2022 bear market, reflecting a sharp spike in retail pessimism.

At the same time, the MVRV Bollinger Bands indicator is flashing what analysts describe as the strongest oversold signal in seven years.

• Retail fear is approaching capitulation levels
• Unrealized losses across the network are elevated
• Historical MVRV extremes have often aligned with macro accumulation zones

The MVRV (Market Value to Realized Value) metric compares Bitcoin’s market cap to its realized cap, helping assess whether BTC is overvalued or undervalued relative to on-chain cost basis. When combined with Bollinger Bands, extreme deviations have historically marked cycle bottoms or major accumulation phases.

However, oversold does not mean immediate reversal. In high-volatility environments, price can remain compressed longer than expected.

For traders, the key takeaway is clear: Sentiment is extremely negative, and on-chain valuation metrics are at historical extremes — conditions that typically precede major moves.

The only question is timing.