A widely followed crypto analyst believes that a key metric indicates Bitcoin (BTC) is consolidating ahead of a blow-off top.
In a new strategy session, trader Jason Pizzino tells his 329,000 YouTube subscribers that Bitcoin appears to be following a 2020 cycle pattern of consolidation before a sudden massive rise in price and volume.
[adinserter block="1"]The analyst uses Google trend search terms as a metric to gauge where Bitcoin and cryptos are in the current cycle based on historical patterns.
“So Google trends, a lot to look at. Bitcoin and crypto search terms, this still, well and truly, down compared to where it was in March and again in April and May. So to me, this is still all part of a windup period, a consolidation for Bitcoin and cryptos before we go on to some sort of final leg into a top. Now that could be 12 months away, 18 months away, we’ll wait and see. But for now, the main thing that I’m following is, of course, that period underneath the old all-time high of being roughly four to six months, which takes us out to between July and September, quarter 3 2024. I think we’ll start to see a little more action there. So that’s in terms of what I’m seeing for the Google trends at the moment.
It still looks like it’s similar to what happened in 2020. Had a couple of good times. You can see those couple of points here [in 2020] and then basically the sentiment dies off. People aren’t interested anymore. They’re not searching Bitcoin. They’re not searching what’s happening for Bitcoin, buy, sell, all that sort of stuff. And essentially it just leads to this period that the market just needs to consolidate. I think that’s what’s happening at the moment.”
Bitcoin is trading for $65,136 at time of writing, up slightly in the last 24 hours.
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