A closely followed crypto market analyst has suggested that a concerning metric indicates that Bitcoin‘s (BTC) current rise may not be sustainable. The analyst also claimed that Bitcoin’s popularity has increased according to investor searches on the leading search engine Google.
The Google Effect on Bitcoin
Crypto analyst Jason Pizzino stated in his YouTube comments that investors’ interest in the leading cryptocurrency might be waning, as shown by the decreasing number of “Bitcoin” searches on Google. According to Jason Pizzino, Bitcoin’s price movements are largely related to Google search results. The analyst said the following:
This chart is currently the most concerning piece of the puzzle for Bitcoin and cryptocurrencies. We saw a ton of interest coming through an ETF (exchange-traded fund) – you have your date there, between January 7 and 13 – in this data for Google, Bitcoin 100… Basically, what people are searching for, we usually see prices at their peak or bottom. This was the peak so far: $49,000. Since then, it’s been decreasing every week, so despite the price increase, interest in the Bitcoin search term is declining. Could it be completely different this time? We’ll see, but most of the time, you’ll see the peaks; interest reaches its peak over time with certain significant events.
Bitcoin’s $49,000 Hurdle
Jason Pizzino emphasized that if BTC wants to surpass the $49,000 level, its volume needs to increase and this should happen within the next week or two, stating:
However, in terms of volume, it’s quite lacking for the next upward move. Of course, any scenario could happen here, we are just detectives trying to understand what will happen… What the bulls would want to see is a break and hold above $49,000 relatively soon. I can say by this weekend or next week.
Bitcoin was trading at $48,086 at the time this article was written.
