Crypto Tumbles Hard: Google Search Trends Call Last Local Market Top

The crypto market succumbed to a significant amount of bearish pressure starting on Thursday, August 28, with most large-cap assets tumbling to new lows on Friday, August ￰0￱ 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 shows that this latest price decline seen across the digital asset market could have been ￰1￱ conclusion is based on recent crypto activity on the world’s largest search engine, ￰2￱ 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 recent ￰3￱ to the on-chain data expert, this recent spike in Google searches suggests that Bitcoin and the broader crypto market might have reached a new local ￰4￱ Reading: Bitcoin Price Plunge Sparks Outrage: Binance Targeted For Alleged Market Manipulation This revelation is based on the Google Trends chart, which allows investors to assess the social engagement of different crypto-related topics on the search ￰5￱ shown in the chart below, the metric compares various subjects, including cryptocurrency, Bitcoin, altcoins, centralized exchanges, and data aggregation ￰6￱ observed in the highlighted chart, the Google Trends metric recently witnessed a significant surge, suggesting increased public attention across multiple crypto ￰7￱ to Wedson, spikes of this kind have historically coincided with whales entering the market to sell while “everyone is obsessed.” Moreover, the cryptocurrency market has often shown in the past its tendency to move in the crowd’s opposite ￰8￱ trends explain the price decline witnessed by most digital assets in the past few days, as the market has seemingly reached a new local top.

Wedson, however, noted that other on-chain signals say that the latest euphoria-driven market downturn doesn’t necessarily 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 ￰9￱ then advised investors to exercise caution when euphoria hits the crypto market, as it could hint at the imminence of a local ￰10￱ crypto analyst said that a better strategy would be to smartly exit the market at a high price and reenter at a cheaper rate ￰11￱ Crypto Market Cap At $3.7 Trillion As of this writing, the total crypto market capitalization sits just above $3.7 trillion, reflecting an almost 4% decline in the past ￰12￱ to data from TradingView, more than $142 billion has been drained out of the crypto market in the last 24 ￰13￱ Reading: Bitcoin’s Next Stop $183K?

On-Chain Data Points to Explosive Cycle Peak Featured image from Shutterstock, chart from TradingView