A well-known crypto analyst suggests that Bitcoin (BTC) is currently in a consolidation phase before a major price surge, known as a blow-off top.
In a recent analysis, trader Jason Pizzino shares with his 329,000 YouTube followers that Bitcoin seems to be mirroring a pattern from 2020, where it consolidated before experiencing a significant increase in price and trading volume.
Pizzino utilizes Google trend search data as a key indicator to determine the current stage of the Bitcoin and crypto market cycle based on past trends.
“Google trends provide valuable insights. The search terms related to Bitcoin and cryptocurrencies are still significantly lower compared to previous months like March, April, and May. This indicates a period of consolidation and preparation for Bitcoin and cryptos before a potential peak. This peak could be anywhere from 12 to 18 months away, but what I’m closely monitoring is the timeframe below the previous all-time high, which falls between four to six months, pointing towards July to September, quarter 3 of 2024. This is when we might see more activity. This trend is reminiscent of what happened in 2020, with peaks followed by a decline in interest and searches related to Bitcoin. This leads to a consolidation phase in the market, which is what we are currently experiencing.”
Bitcoin is currently valued at $65,136 at the time of this analysis, showing a slight increase in the last 24 hours.
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