Crypto Expert Warns of Bitcoin’s Unsustainable Rally
Bitcoin has been on a very bullish wave this past week as the price broke past the $48,000 barrier.
An influential figure in the cryptocurrency realm has raised concerns regarding the sustainability of Bitcoin’s current surge. This expert, known for his insightful analyses, has pointed to a specific metric indicating a potential downturn in interest surrounding the leading digital currency.
In a recent update shared with his extensive online following, this analyst noted a decline in Google searches related to “Bitcoin.”
He emphasized a notable correlation between these search trends and Bitcoin’s price movements. According to the analyst’s observations, the diminishing interest in Bitcoin searches has coincided with its recent price peaks.
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Highlighting the significance of search volume, the expert suggested that Bitcoin’s trading volume must significantly increase for it to surpass key resistance levels, particularly the $49,000 mark.
Without such an increase, sustaining the current upward momentum could prove challenging.
At the time of writing, Bitcoin is trading at $48,070, with its future trajectory hinging on various factors, including market sentiment and trading volume.