Crypto Tumbles Hard: Google Search Trends Call | Crypto News
The crypto market succumbed to a important quantity of bearish strain beginning on Thursday, August 28, with most large-cap property tumbling to new lows on Friday, August 29. The price of Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to a new low of $107,850 at the start of the weekend.
Unsurprisingly, the latest data reveals that this latest price decline seen across the digital asset market may have been predicted. This conclusion is based on latest crypto exercise on the world’s largest search engine, Google.
Is The Crypto Bull Cycle Over?
In an August 29 post on social media platform X, Alphractal founder and CEO Joao Wedson revealed that crypto-related searches on Google have surged to new highs in latest days. According to the on-chain data professional, this latest spike in Google searches suggests that Bitcoin and the broader crypto market might need reached a new local top.
This revelation is based on the Google Trends chart, which permits buyers to assess the social engagement of different crypto-related topics on the search engine. As shown in the chart below, the metric compares numerous topics, including cryptocurrency, Bitcoin, altcoins, centralized exchanges, and data aggregation platforms.
As noticed in the highlighted chart, the Google Trends metric just lately witnessed a important surge, suggesting elevated public consideration across a number of crypto topics. According to Wedson, spikes of this type have traditionally coincided with whales getting into the market to promote while “everyone is obsessed.”
Moreover, the cryptocurrency market has often shown in the past its tendency to transfer in the gang’s reverse direction. These trends clarify the price decline witnessed by most digital property in the past few days, as the market has seemingly reached a new local top.
Wedson, however, famous that other on-chain indicators say that the latest euphoria-driven market downturn doesn’t essentially spell the end of the current bull cycle. “Think back to BTC hitting $124K—euphoria peaked online, whales sold aggressively, and we went short,” the Alphractal founder added.
Wedson then suggested buyers to exercise warning when euphoria hits the crypto market, as it may trace at the imminence of a local top. The crypto analyst said that a better strategy could be to neatly exit the market at a high price and reenter at a cheaper charge later.
Total Crypto Market Cap At $3.7 Trillion
As of this writing, the entire crypto market capitalization sits just above $3.7 trillion, reflecting an virtually 4% decline in the past day. According to data from TradingView, more than $142 billion has been drained out of the crypto market in the last 24 hours.
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