Why Bitcoin's 'Zero' Search Surge Could Signal a $1M Upside

• Retail panic is at an all‑time high – Google searches for “Bitcoin going to zero” hit 100.
• The Fear & Greed Index is sitting at 11, a level last seen during massive drawdowns.
• Veteran hedge‑fund managers like Hugh Hendry are loading Bitcoin, betting on a $1 million target.
• Professional sentiment has already bottomed, leaving a 10‑14 day lag before retail fear peaks.
• Understanding the timing gap can turn fear‑driven panic into a high‑conviction entry point.

You’re probably terrified by the “Bitcoin to zero” search frenzy—but that fear may be your biggest opportunity.

Why Bitcoin’s Fear & Greed Index Dropped to 11 – The Numbers Behind the Panic

Google Trends recorded a perfect‑score 100 for the phrase “Bitcoin going to zero” on February 13, eclipsing the previous record of 72 from the June 2022 crash. At the same time, Bitcoin is trading roughly 47% below its October 2025 peak of $126,000, hovering around $66,000. The Crypto Fear & Greed Index, which aggregates volatility, market momentum, social media sentiment, and dominance, currently sits at 11 – deep in the “Extreme Fear” zone.

Historically, extreme fear readings have preceded strong rebounds. In the 2022 dip, the index fell to 12 before Bitcoin rallied 37% in a single month. The key difference now is the scale of retail panic: search volumes are 30% higher than in 2022, indicating a broader, less‑informed investor base screaming “sell.” That creates a supply‑demand imbalance ripe for savvy capital.

What Hugh Hendry’s $10M Bitcoin Bet Reveals About Macro Trends

Hugh Hendry, the Scottish hedge‑fund veteran who famously called for panic during the Greek debt crisis, has taken a contrarian stance. After selling a London property in May 2025, he allocated $10 million to Bitcoin, citing a “barbell strategy”: long Bitcoin exposure paired with short‑duration, high‑yield fixed income positioned for future rate cuts.

The barbell approach is simple: allocate a large chunk to a high‑conviction, high‑volatility asset (Bitcoin) while keeping a defensive tail in short‑dated, low‑duration bonds. This protects capital if rates rise unexpectedly while preserving upside if Bitcoin accelerates.

Hendry argues that Bitcoin’s $2 trillion market cap versus gold’s $20 trillion creates a “gap” that must either close or remain permanent. If Bitcoin captures even 10% of gold’s store‑of‑value narrative, its valuation could approach $5‑$6 trillion, pushing prices toward $500‑$600 k. His $1 million target assumes a 5‑10× multiple of the current level, a scenario not unprecedented when Bitcoin first broke $30 k in 2020.

How Michael Saylor and Eric Trump’s Bullish Tweets Shift Market Sentiment

Just after U.S. weekly jobless claims fell to 206,000—well below the 223,000 forecast—Michael Saylor posted on X, “Never been more bullish.” The tweet reverberated through the crypto community, reinforcing the narrative that a strong labor market will sustain accommodative monetary policy, which historically benefits risk assets like Bitcoin.

Eric Trump, appearing on CNBC, echoed the optimism, calling Bitcoin “one of the greatest performing asset classes” and predicting a $1 million price point. Their high‑profile endorsements act as a catalyst for institutional chatter, nudging the professional sentiment index upward even as retail panic lingers.

Retail Panic vs. Professional Sentiment – Timing the Cycle

Crypto analytics firm Perception shows that professional media sentiment bottomed on February 5 and has been climbing for two weeks. Retail fear, measured by Google search spikes, typically lags by 10‑14 days. This lag creates a predictable window: when professional narratives start to improve, retail sentiment is still in panic mode, driving prices down.

Historically, this lag has offered a “sweet spot” for contrarian entries. In the 2020 pandemic crash, professional sentiment recovered in early March, while retail panic peaked mid‑March, allowing disciplined investors to buy at roughly 30% discounts to subsequent rally highs.

Investor Playbook: Bull and Bear Cases for Bitcoin in 2024‑25

Bull Case

• Continued lag between professional sentiment recovery and retail panic keeps price depressed, creating accumulation opportunities.
• Rate‑cut expectations from central banks increase liquidity, boosting risk‑on assets.
• Institutional inflows accelerate as hedge funds like Hendry’s Eclectica allocate capital, legitimizing Bitcoin as a macro hedge.
• Potential catalyst: a major sovereign or corporate treasury adds Bitcoin to its balance sheet, echoing the “digital gold” narrative.

Bear Case

• Regulatory crackdowns in key jurisdictions (U.S., EU, India) could restrict on‑ramps, squeezing demand.
• If the Federal Reserve unexpectedly hikes rates, liquidity dries up and risk assets tumble.
• Prolonged bearish sentiment could trigger margin calls and forced liquidations, pushing price below $40,000.
• Technological setbacks (e.g., prolonged network congestion or security breach) could erode confidence.

Bottom line: the current fear metrics are at historic extremes, and the smartest macro players are already on the long side. If you can tolerate short‑term volatility, the gap between retail panic and professional optimism offers a high‑conviction entry point. Align your exposure with a barbell framework—large, patient Bitcoin position paired with short‑duration defensive assets—to capture upside while limiting downside.