‘Alarming’ Metric Suggests Bitcoin Rally Losing Momentum, According to Crypto Analyst Jason Pizzino
A popular crypto analyst has raised concerns about the sustainability of Bitcoin’s current surge, pointing to a troubling metric. In a recent video update, Jason Pizzino, a crypto strategist with a significant following on YouTube, highlighted the decline in Google searches for the term “Bitcoin” as an indication of waning interest in the flagship cryptocurrency.
Pizzino emphasized the correlation between Bitcoin’s price movements and its Google search readings, describing it as the most troubling aspect of the situation. He pointed out that the peak in searches coincided with a previous high of $49,000, with interest gradually diminishing since then, despite the price continuing to rise. While acknowledging that this time could be different, Pizzino stressed that historically, peaks in search interest have aligned with significant price events.
Pizzino further noted that for Bitcoin to surpass the $49,000 level, it needs to see a significant increase in trading volume, preferably within the next week or two. He highlighted the importance of a sustained break above and hold above $49,000 as a bullish signal.
At the time of writing, Bitcoin is currently trading at $48,086, as the cryptocurrency market eagerly watches for any signs of a decisive move.
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