One widely followed cryptocurrency analyst says one worrying metric suggests that Bitcoin's (BTC) current rally is unsustainable.
In a new video update, cryptocurrency strategist Jason Pezzino told his 310,000 YouTube subscribers that people's interest in the leading digital asset may be fading as evidenced by a decline in Google searches for the term “bitcoin.”
According to Pizzino, Bitcoin's price movements were largely linked to reading it in a Google search.
“This chart is the most worrying part right now for Bitcoin and cryptocurrencies. We've seen a lot of interest coming through the ETF (exchange-traded fund) – there's your history there, [the] January 7-13 – Bitcoin 100 Based on that Google reading…
Basically what people are looking for [for]We usually see them corresponding to prices reaching a peak or bottom. Now, this was the peak so far – $49,000. Since then, every week it has become less and less, so interest in the search term Bitcoin has decreased, despite the rise in price.
Could this time be completely different? We'll see, but more often than not you'll see a peak – interest over time peaks with certain key events.
Pizzino goes on to say that if Bitcoin wants to break through the $49,000 level, its volume will need to increase, which should happen within the next week or two.
“But in terms of volume, it's sorely lacking in the next step to the upside. Now of course any scenario could happen here, we're just investigators trying to figure out what's going on… What you want to see for the bulls is a breakout to the upside and a hold above $49,000.” Relatively soon. I would say by the end of this week or next week.
Bitcoin is trading at $48,086 at the time of writing.
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