The cryptomarkt collapsed on a considerable amount of bearish pressure from Thursday 28 August, with most large CAP assets tumbling on Friday 29 August to new lows. The price of Bitcoin, the world’s largest cryptocurrency due to market capitalization, fell to a new low of $ 107,850 at the start of the weekend.
It is not surprising that the latest data shows that this latest price decrease in the market for digital assets could have been predicted. This conclusion is based on recent crypto activity on the world’s largest search engine, Google.
Cycle Cycle Cycle Is the Crypto -Bier?
In a post of August 29 on Social Mediaplatform X, Alphractal founder and CEO Joao Wedson unveiled That crypto-related searches on Google have risen to new highlights in recent days. According to the on-chain data expert, this recent peak suggests in Google search assignments that Bitcoin and the wider crypto market may have reached a new local top.
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This revelation is based on the Google Trends graph, with which investors can assess the social involvement of various crypto-related topics on the search engine. As shown in the graph below, the metric compares various topics, including cryptocurrency, bitcoin, altcoins, centralized stock exchanges and data aggregation platforms.
As observed in the marked graph, the Google Trends Metric recently witnessed an important increase, which suggests that more public attention for multiple crypto topics. According to Wedson, this kind of spikes have been combined historically with entering whales that enter the market to sell, while “everyone is obsessed with”.
Moreover, the cryptocurrency market has often shown the tendency in the past to move in the opposite direction of the crowd. These trends explain the fall in price due to most digital assets in recent days, because the market apparently reached a new local top.
However, Wedson noted that other signals on the chains say that the newest market -driven market does not necessarily spell the end of the current bull cycle. “Think back to BTC with $ 124k – Euphoria Piekte Online, whales sold aggressive and we went short,” added the Alfractale founder.
Wedson then advised investors to get caution when Euphoria hits the cryptomarket because it could indicate the imperfection of a local top. The Crypto analyst said that a better strategy would be to leave the market smartly at a high price and to come in again later.
Total crypto -market capitalization for $ 3.7 trillion
At the moment the total crypto market capitalization is just above $ 3.7 trillion, which reflects a decrease of almost 4% in the past day. According to TradingView data, more than $ 142 billion has been deposited from the cryptomarkt in the last 24 hours.
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Featured image of Shutterstock, Graph of TradingView
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