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.
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.