Crypto Analyst Jason Pizzino Expresses Concern
Crypto analyst Jason Pizzino recently shared his concerns about the sustainability of Bitcoin’s (BTC) current rally. In a video update, he pointed out that Google searches for the term “Bitcoin” have been declining, which could indicate waning interest in the flagship digital asset.
Correlation Between Google Searches and Bitcoin’s Price
Pizzino noted that Bitcoin’s price movements have historically correlated with Google search trends. He explained that peaks in search volume often coincide with price peaks or bottoms. The recent decline in search interest, despite rising prices, is a cause for concern.
Need for Increased Volume to Break Through $49,000
Pizzino emphasized the importance of volume in driving Bitcoin’s price higher. He believes that a significant increase in volume is necessary for BTC to break through the $49,000 resistance level. However, current volume levels are insufficient to support such a move.
Bullish Scenario: Breaking Above $49,000
For Bitcoin bulls to maintain control, Pizzino suggests that the price needs to break above and hold above $49,000 within the next week or two. This would indicate a continuation of the rally.
The opinions expressed in this article are not intended as investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.