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Cryptocurrency analyst Ali Martinez, amid the rapid growth of bitcoin BTC $76,679.79 Bitcoin -1.60% Market capitalization $1.54 trillion VOL. 24 hours $1.06 billion , said that key historical indicators indicate a possible decline in the value of the leading virtual asset.
It is noted that the interest of retail investors may lead to a dangerous overvaluation of the asset.
Thus, an increase in Google searches for «Bitcoin» often coincides with price corrections. A similar situation was observed in 2021, when increased interest led to corrections of 30%, 26%, 27%, and even 50%.
Now, as the price of bitcoin is approaching $ 90,000, interest is growing rapidly again. Martinez cautions that while the increased interest is a boost to capital inflows, it could also indicate a peak in the market.
At the time of writing, bitcoin’s price was $ 87,484, its market capitalization was $ 1.73 trillion, and daily sales stood at $ 119.12 billion.
Photo: coinmarketcap.com/