The cryptography market has succumbed to a significant amount of down pressure from Thursday, August 28, with most large capitalization assets falling to new stockings on Friday, August 29. The Bitcoin price, the largest cryptocurrency in the world by market capitalization, fell to a new hollow of $ 107,850 at the start of the weekend.
Unsurprisingly, the latest data shows that this last drop in prices observed on the digital asset market could have been predicted. This conclusion is based on a recent crypto activity on the world’s largest search engine, Google.
Is the crypto bull cycle over?
In an article of August 29 on the social media platform X, the founder and CEO of Alphractal Joao Wedson revealed that the research related to the crypto on Google had reached new heights in recent days. According to the chain data expert, this recent points in Google Research suggests that Bitcoin and the wider market of cryptography could have achieved a new local high.
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This revelation is based on the Google trends table, which allows investors to assess the social commitment of different subjects linked to the crypto on the search engine. As shown in the graph below, the metric compares various subjects, including cryptocurrency, bitcoin, altcoins, centralized exchanges and data aggregation platforms.
As observed in the graphic highlighted, the Google Trends metric has recently witnessed a significant increase, suggesting increased attention from the public on several cryptographic subjects. According to Wedson, this type of points have historically coincided with the whales entering the market to sell while “everyone is obsessed”.
In addition, the cryptocurrency market has often shown in the past its tendency to move in the opposite direction of the crowd. These trends explain the drop in prices observed by most digital assets in recent days, because the market has apparently reached a new local summit.
Wedson, however, noted that other chain signals say that the last slowdown in the euphoria market does not necessarily spend the end of the current bull cycle. “Think of the BTC reaching $ 124,000 – the euphoria culminated online, the whales sold aggressively and we failed,” added the founder Alphractal.
Wedson then advised investors to be cautious when the euphoria arrives on the cryptography market, as this could refer to the imminence of a local high. Crypto analyst said that better strategy would be to leave the market intelligently at a high price and return to a cheaper rate later.
Total Cristos capilla at 3.7 billions of dollars
To date, the total market capitalization of cryptography is just more than 3.7 billions of dollars, reflecting a drop of almost 4% in the last day. According to tradingView data, more than $ 142 billion has been exhausted from the cryptography market in the last 24 hours.
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Shutterstock star image, tradingview graphic
