The cryptographic market succumbed to a significant amount of bearish pressure as of Thursday, August 28, and most capitalization assets fell to new minimums on Friday, August 29. The price of Bitcoin, the largest cryptocurrency in the world for market capitalization, fell to a new minimum of $ 107,850 at the beginning of the weekend.
As expected, the latest data shows that this last decrease in the prices seen throughout the digital asset market could have been predicted. This conclusion is based on recent cryptographic activity in the world’s largest search engine, Google.
Was the cryptography cycle ended?
In a August 29 publication on the Social Network Platform X, the founder and CEO of Alphractal, Joao Wedson, revealed that searches related to cryptographic in Google have increased to new maximums in recent days. According to the data expert in the chain, this recent increase in Google searches suggests that Bitcoin and the broader cryptographic market could have reached a new local top.
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This revelation is based on Google’s trends chart, which allows investors to evaluate the social participation of different topics related to cryptographic in the search engine. As shown in the table below, the metric compares several subjects, including cryptocurrency, bitcoin, altcoins, centralized exchanges and data aggregation platforms.
As observed in the prominent graph, the metric of Google’s trends recently witnessed a significant increase, suggesting greater public attention on multiple cryptography issues. According to Wedson, peaks of this type have historically coincided with the whales that enter the market to sell while “all are obsessed.”
In addition, the cryptocurrency market has often demonstrated in the past its tendency to move in the opposite direction of the crowd. These trends explain the decrease in the price witnessed by most digital assets in recent days, since the market has apparently reached a new local top.
Wedson, however, said that other signals in the chain say that the last recession of the market driven by euphoria not necessarily spell the end of the current bull cycle. “Think of BTC reaching $ 124k: the euphoria reached its maximum online, the whales sold aggressively and we fell short,” added the alfactive founder.
Wedson then advised investors to be cautious when euphoria reaches the cryptography market, since it could hint the imminence of a local top. The cryptographic analyst said that a better strategy would be to leave the market intelligently at a high price and re -enter a cheaper pace later.
Total Crypto Market Cap at $ 3.7 billion
At the time of writing this article, the total cryptographic market capitalization is located just above $ 3.7 billion, reflecting a decrease of almost 4% on the last day. According to TrainingView data, more than $ 142 billion have been drained from the cryptography market in the last 24 hours.
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Shuttersock, TrainingView graphic image
