“Worrying” metrics suggest the Bitcoin rally is losing steam, according to crypto analyst Jason Pizzino
A widely followed crypto analyst says a worrying metric suggests Bitcoin's (BTC) current rally is unsustainable.
In a new video update, crypto strategist Jason Pizzino tells his 310,000 YouTube subscribers that people's interest in the flagship digital asset may be waning, as evidenced by declining Google searches for the term “Bitcoin.” .
According to Pizzino, Bitcoin price movements are largely correlated with Google search results.
“This chart is the most concerning piece of the puzzle for Bitcoin and cryptocurrencies right now. We've seen a lot of interest through the ETF (Exchange Traded Fund) – there's your date, [the] January 7th to 13th – Bitcoin 100 at this reading for Google…
Basically what people are looking for [for], we usually see prices reaching their peak or trough. That was the previous high – $49,000. Since then, it has become less and less week by week, so interest in the search term Bitcoin is decreasing, even though the price is increasing.
Could this time be completely different? We’ll see, but in most cases you’ll see the peaks – interest peaks at certain key events over time.”
Source: Jason Pizzino/YouTube
Pizzino goes on to say that if BTC wants to break through $49,000, its volume needs to increase, which must happen within the next week or two.
“But in terms of volume, it's pretty good enough for the next uptrend. Now of course any scenario can happen here, we are just detectives trying to figure out what is happening… What you want to see for the bulls is a break above $49,000 and a hold above $49,000 relatively soon. I would say by the end of this week or next week.”
At the time of writing, Bitcoin is trading at $48,086.
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