Cryptocurrency analyst and trader Jason Pizzino is leaning bearish on Bitcoin (BTC) amid a market downturn.
In a new video, Pizzino tells his 348,000 YouTube subscribers that the “probabilities of a crash continue to increase” for Bitcoin and other crypto assets.
According to Pizzino, one of the bearish signals he has observed is a falling interest in Bitcoin.
“Some more things that I’m seeing in regard to the probabilities of a crash increasing here are the interests through Google Trends. So less people are searching for Bitcoin and crypto…
…the volumes are now down to 24 [out of a maximum 100] for Bitcoin and 12 for crypto.”
On the wider crypto market, the widely followed analyst says that one of the signals suggesting bearishness is the daily exchange volume, the value of all cryptocurrency trades executed on centralized exchanges within a 24-hour period, which is on a downtrend.
“We haven’t broken down from the $50 billion [of daily exchange volume], we haven’t got back to the previous lows of $30 billion but we’re not back at those highs of $130, $120 billion either. So we’re in this sort of middle period but you can clearly see the trends are down – lower highs, lower lows…
…so essentially I’m seeing more weakness in this particular [daily exchange volume] chart because there haven’t been higher highs continuing to form with the exchange volume.”
For Bitcoin to change the momentum to a bullish one, Pizzino says,
“I would need to see Bitcoin’s price break above this top – that’s on the 3rd of February, that big dump and pump day, and the top there was $102,600… so for a round number, call it $103,000.
And I want to see the pump get above there and sustain above that level, above $103,000. So some closes, another day’s price action above there, some closes. It can dip down intra-day but at the end of the day I want to see the closes above those levels.”
Bitcoin is trading at $96,220 at time of writing.
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