Analysis Company Announces: This Search Term on Google Detects Cryptocurrency Bulls – What’s the Current Situation?
Cryptocurrency analytics firm MarktQuant has published a statement analyzing Google Trends data for the search term “cheap crypto.”
The firm notes that there is a historical correlation between increases in this search term and market peaks during previous bull runs, suggesting that increased interest from retail investors often coincides with market exhaustion, as seen in increased searches for budget-friendly cryptocurrencies.
MarktQuant notes that while this indicator has historically been reliable, it is not perfect. The increasing popularity of cryptocurrencies means that the base level of searches for “cheap crypto” has naturally risen over time, making it difficult to definitively interpret spikes as merely an indication of an impending market top.
Despite the increasing search volume, MarktQuant remains optimistic about the early stage of the current market cycle. Based on this specific metric alone, the firm concludes that a market top does not appear imminent. However, the statement noted that this data should be considered together with other market indicators for a comprehensive analysis.
*This is not investment advice.
