A widely followed cryptocurrency analyst said there is one worrying indicator that suggests Bitcoin (BTC)’s current rally is unsustainable.
In a new video update, cryptocurrency strategist Jason Piggino tells his 310,000 YouTube subscribers that the leading digital asset, as evidenced by a decline in Google searches for the term “Bitcoin,” He said that people’s interest in this may be waning.
According to Pizzino, Bitcoin price movements are primarily correlated with Google search readings.
“This chart is the most worrying piece of the puzzle for Bitcoin and cryptocurrencies right now. We’ve seen a ton of interest through ETFs (exchange traded funds) – there’s no need to worry about your date. there is, [the] January 7th to 13th – Google’s Bitcoin 100 numbers…
Basically what people are searching for [for], you can usually see it coinciding with a price peak or trough. Well, the all-time high was $49,000. Since then, the weekly frequency has become less and less, and interest in the Bitcoin search term has waned, even as the price has increased.
Will it be completely different this time? You’ll see, but most likely you’ll see a peak. Over time, interest peaks at certain important events. ”
Pizzino went on to say that if BTC wants to break through the $49,000 level, trading volume needs to increase, and that needs to happen within the next week or two.
“But in terms of volume, we’re pretty short for the next uptick. Of course, any scenario can happen here. We’re just detectives trying to figure out what happens… What the bulls want to see is a break above and sustain above $49,000 relatively soon. I think it will 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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