A widely followed crypto analyst says a troubling metric suggests Bitcoin’s (BTC) current rally is unsustainable.
In a new video update, crypto strategist Jason Pizzino tells According to its 310,000 YouTube subscribers, people’s interest in the flagship digital asset may be fading, as evidenced by dwindling Google searches for the term “Bitcoin.”
According to Pizzino, Bitcoin price movements are largely correlated with Google search results.
“This chart is now the most worrying piece of the puzzle for Bitcoin and crypto. We’ve seen a lot of interest coming through the ETF (exchange-traded fund) – there’s your date, [the] January 7 to 13 – Bitcoin 100 according to that reading for Google…
Basically what people are looking for [for], we typically see this in line with prices peaking or falling. That was the peak so far: $49,000. Since then it has become less and less every week, so interest in the search term Bitcoin has decreased even though the price has increased.
Could things be completely different this time? We’ll see, but most of the time you’ll see the peaks – interest peaks over time at certain key events.”
Pizzino goes on to say that if BTC wants to break the $49,000 level, volume will need to increase, something that should happen within the next week or two.
“But in terms of volume, it is quite lacking for the next step up. Of course, any scenario could happen here, we’re just detectives trying to figure out what’s happening… What you would like to see for the bulls is a break above $49,000 and a hold above $49,000 relatively quickly. I would say at the end of this week or next week.”
Bitcoin is trading at $48,086 at the time of writing.
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