Bitcoin is currently in a consolidation phase, according to a popular crypto analyst. Jason Pizzino, a trader with a substantial following on YouTube, suggests that Bitcoin is following a pattern similar to that of 2020, indicating that it may be gearing up for a significant surge in price and volume.

Pizzino uses Google trend search terms as a metric to assess the current cycle of Bitcoin and other cryptocurrencies. He notes that search terms related to Bitcoin and crypto are still significantly lower compared to March, April, and May, indicating a period of consolidation before a potential upswing. Pizzino speculates that this consolidation phase could last for 12 to 18 months, with the potential for increased activity between July and September 2024.

The analyst points to a similar trend in 2020, where interest in Bitcoin peaked at certain points before waning, leading to a period of market consolidation. He suggests that this is currently happening in the market and that Bitcoin is likely to see increased action in the coming months.

At the time of writing, Bitcoin is trading at $65,136, showing a slight increase over the last 24 hours.
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