Crypto Tumbles Hard: Google Search Trends Signal Last Local Market Top
Crypto markets just got a brutal reality check—Google search trends flashed the classic 'top signal' right before everything went south.
Search Volume Spikes Precede Plunge
Retail interest skyrocketed just as prices peaked. Classic FOMO behavior—everyone jumps in right when the smart money starts exiting.
Pattern Repeats Itself
History doesn't repeat, but it often rhymes. The same search trend pattern called the last local top with eerie accuracy. Now it's happening again.
Market Psychology in Action
Google searches become a contrarian indicator at extremes. When your Uber driver starts asking about altcoins, it's probably time to sell.
Institutional players watch these metrics closely while retail traders are still reading the 'how to buy crypto' guides. Another reminder that in markets, the data you ignore is often the data that matters most. But hey, at least the search ads for 'crypto trading courses' are probably booming right now.
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 recent days. According 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 top.
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 engine. As shown in the chart below, the metric compares various subjects, including cryptocurrency, Bitcoin, altcoins, centralized exchanges, and data aggregation platforms.
As observed in the highlighted chart, the Google Trends metric recently witnessed a significant surge, suggesting increased public attention across multiple crypto topics. According 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 direction. These 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 added.
Wedson then advised investors to exercise caution when euphoria hits the crypto market, as it could hint at the imminence of a local top. The crypto analyst said that a better strategy WOULD be to smartly exit the market at a high price and reenter at a cheaper rate later.
Total 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 day. According to data from TradingView, more than $142 billion has been drained out of the crypto market in the last 24 hours.
