‘Concerning’ Metric Suggests Bitcoin Rally Losing Steam, According to Crypto Analyst Jason Pizzino
A popular crypto analyst, Jason Pizzino, has raised concerns about the sustainability of Bitcoin’s current rally. Pizzino notes that the dwindling number of Google searches for the term “Bitcoin” indicates a declining interest in the flagship cryptocurrency.
Pizzino explains that there is a correlation between Bitcoin’s price movements and its Google search volume. He points out that the peak in Google searches coincided with Bitcoin’s price reaching $49,000. However, since then, the search interest has been decreasing while the price continues to rise.
In order for Bitcoin to break through the $49,000 level, Pizzino emphasizes the need for increased trading volume within the next week or two. He suggests that a break above and sustained hold above $49,000 is crucial for the bulls. Pizzino predicts this needs to happen by the end of this week or next week.
At the time of writing, Bitcoin is trading at $48,086.
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