A prominent crypto analyst suggests that Bitcoin (BTC) is currently in a consolidation phase, poised for a significant price surge, known as a blow-off top.
In his latest analysis shared with his 329,000 YouTube followers, trader Jason Pizzino highlights parallels between Bitcoin’s current behavior and the consolidation patterns observed in the 2020 cycle. Pizzino utilizes Google Trends data to track Bitcoin and cryptocurrency search trends, drawing comparisons to historical patterns.
“Google Trends still show a notable decline in Bitcoin and crypto-related searches compared to earlier peaks in March, April, and May. This indicates to me that we’re in a consolidation phase, gearing up for a potential final leg towards a peak. Whether that happens in 12 months or 18 months remains to be seen. My focus right now is on the timeframe just below the previous all-time high, which suggests a window between July and September, Q3 2024, for potential significant movements,” Pizzino explained.
He further likened the current sentiment to that of 2020, where initial peaks were followed by a wane in interest and search activity related to Bitcoin. This lull, according to Pizzino, signifies a necessary consolidation period for the market.
As of the latest update, Bitcoin is trading at $65,136, reflecting a slight increase over the past 24 hours.
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[Image source: Jason Pizzino/YouTube]
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