A widely followed crypto analyst says one worrisome metric is suggesting that 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 fading as evidenced by waning Google searches for the term “Bitcoin.”
According to Pizzino, BItcoin’s price movements have largely correlated with its Google search reading.
“This chart is the most concerning piece of the puzzle now for Bitcoin and crypto. We’ve seen a ton of interest come in through the ETF (exchange-traded fund) – there’s your date there, [the] 7th to the 13th of January – Bitcoin 100 on that reading for Google…
Basically what people are searching [for], we typically see it line up with prices peaking or bottoming. Now, that was the peak so far – $49,000. Since then, every week has been getting less and less and less, so the interest in the search term of Bitcoin has been going down, although the price has been going up.
Could this time be completely different? We will see, but the majority of the time you’ll see the peaks – the interest over time peaks with certain key events.”
Pizzino goes on to say that if BTC wants to break through the $49,000 level, its volume needs to ramp up, something that needs to happen within the next week or two.
“But in terms of the volume, it is pretty well lacking for the next move it had to the upside. Now of course any scenario can happen here, we’re just detectives trying to figure out what happens… What you’d want to see for the bulls is a break above and a hold above $49,000 relatively soon. I’d say by the end of this week or next week.”
Bitcoin is trading for $48,086 at time of writing.
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- Source: https://dailyhodl.com/2024/02/11/concerning-metric-suggests-bitcoin-rally-losing-steam-according-to-crypto-analyst-jason-pizzino/
