Crypto Analyst Predicts Bitcoin Consolidation Ahead of Major Price Surge
A well-known crypto analyst believes that a key metric suggests Bitcoin (BTC) is currently consolidating before a significant price surge. In a recent strategy session on YouTube, trader Jason Pizzino shared with his subscribers that Bitcoin appears to be replicating a 2020 cycle pattern of consolidation, which typically precedes a sudden and massive rise in price and volume.
The analyst uses Google trend search terms as a tool to understand where Bitcoin and other cryptocurrencies are in their current cycles, based on historical patterns.
"Google trends show that Bitcoin and crypto-related search terms are still down compared to their levels in March and again in April and May," Pizzino said. "This indicates a wind-up period—a phase of consolidation for Bitcoin and cryptocurrencies before they move towards a significant top. This could take anywhere from 12 to 18 months."
Pizzino points out that the current consolidation phase reminds him of the pattern seen in 2020. At that time, a few spikes occurred, but public interest soon waned. People stopped searching for Bitcoin, pondering whether to buy or sell. This lack of interest leads the market to consolidate, which is what Pizzino believes is happening now.
Bitcoin's Current Price
As of the latest update, Bitcoin is trading at $65,136, showing a slight increase in the last 24 hours.
Investor Caution
Opinions expressed are not investment advice. Investors are advised to conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are at your own risk, and any losses incurred are your responsibility.
