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Blockchain Application in Healthcare to Cross $500 Million by 2022

The healthcare industry is continuously going digital. As a result, blockchain offers much-needed transparency, auditability, trust, and security in healthcare data.

Frost & Sullivan, a world-renowned firm that offers insights on disruptive technologies and economic changes, on Nov. 25 published an analysis dubbed ‘Global Blockchain Technology Market in the Healthcare Industry, 2018-2022’ and it is expected to surpass $500 million by 2022.

The healthcare sector is expected to be transformed through the application of technological innovations, such as artificial intelligence (AI), blockchain, and internet of things (IoT) and blockchain.

Kamaljit Behera, a senior transformational health analyst, asserted: “Health insurance payers, providers, and pharma companies are expected to adopt blockchain systems ahead of other healthcare industry stakeholders.”

He also added: “In the future, distributed ledger technology (DLT) will be leveraged by telehealth vendors and tech giants such as Apple, Amazon, Google, and Microsoft to monetize data science and analytical services with innovative patient-centric care models.”Successful Blockchain Providers in HealthcareThe analysis also highlights that the most prosperous blockchain providers in this sector ought to:

Adopt applications like identity management, pharma drug supply chain, on-demand healthcare, health data access, and healthcare data infrastructure.

Be part of a noteworthy consortium, such as MediBloc and Hashed Health.

Ensure an interplay between three emerging technologies, namely AI, IoT, and blockchain., as they will enhance innovation adoption and other applications in the healthcare space.

Collaborate with healthcare buyers based on the significant assessments of vendor solutions they undertake.

Blockchain is touted to revolutionize the health sector as it will ensure the attainment of quality and affordable healthcare.

Image via Shutterstock

Bitcoin Bull Run Ahead? Understanding the Factors Driving Bitcoin's Price Growth

Bitcoin breached its key resistance of 7,300$ today. Block halving, change in economic supply and an Ichimoku Kumo twist are driving the price forward, let’s take a look into how these factors are going to affect the price of bitcoin ahead.

1. Bitcoin Monetary Supply

The economics of the bitcoin system is computerized and thus we have knowledge about Bitcoin issuance over a period of time. This helps us understand the inflation rate of Bitcoin, its circulation in the open market, and how it would impact the price.

Source: bitcoinblockhalf.com

2. Bitcoin Supply Economics

Total Supply: 21,000,000 Bitcoins to ever be produced

Block Interval: 10-minutes time difference between each block.

Block Halving: Every 210,000 blocks or approximately every 4 years.

Change in parameter: Requires all Bitcoin participants to agree by consensus to approve the change.

Reduction in supply and block reward indicates that the inflation rate of Bitcoin is going to reduce significantly. This reduction in price leads to an increase in the value of each bitcoin, further based on historical price analysis we can see that Bitcoin has always rallied due to a halving changing its supply economics.

3. Bitcoin Historical Price Movement

What Bitcoin will do in terms of pricing for a halving event is always a question for everyone. Experts believe that halving is already priced in by the market and thus there’s no expectation for the price to do anything. Others believe that due to price equilibrium, a halving of supply should cause an increase in price if the demand for Bitcoins is equal or greater than what it was before the halving event. The chart below provides a historical analysis of bitcoin’s price movement.

Source: bitcoinblockhalf.com

4. Ichimoku Cloud Twist

Ichimoku Kumo has turned bullish which means that the sentiment of the market has turned bullish, whenever Ichimoku cloud turns bullish bitcoin sees a continued bullish momentum.

With 18 days to halving, this is a very good sign for the market. Tenkan-sen is also supporting the price, indicating bullish momentum. Tenkan-Sen, also known as the Conversion Line, is the mid-point of the highest and lowest prices of an asset over the last nine periods. The Ichimoku cloud is a colored part of the indicator indicating a change in market trend which helps to identify the market trends.

The RSI also known as Relative Strength Index is a momentum indicator that measures the volatility of recent price changes to evaluate and identify overbought or oversold conditions. The RSI is displayed as an oscillator which line graph and reading between 0 to 100. Bitcoin RSI index is currently ranging between 60 to 40 and is showing a momentum towards 100. This means that the price is still not overbought and has room for an upward movement.

Strong fundamentals are driving bitcoin’s growth. With a reduction in inflation, the price tends to move towards the equilibrium, and movement towards equilibrium indicates a bull run. These factors are going to drive the growth of bitcoin’s price on a larger timeframe.

Image via Shutterstock

Bitcoin Adoption in Africa Sees Massive Surge as P2P Volumes Hit All-Time Highs

Crypto analyst Kevin Rooke has revealed that Bitcoin peer to peer (P2P) volumes are hitting all-time highs (ATHs) as a 2.5-fold surge has been experienced since March.

Some of the African nations leading the pack include Kenya, South Africa, Nigeria, and Ghana, as the Bitcoin being traded weekly has exceeded $1 million.

Africa rising

The data presented shows that Africa is not being left behind as it has jumped on the crypto bandwagon based on the high Bitcoin trading volumes recorded. For instance, Nigeria is stamping its authority in the crypto space because Bitcoin traded using its currency; the Nigerian naira surpassed the $10 million mark last week. This figure is striking because it is twice the volume of the Venezuelan bolivar.

The Nigerian naira’s accomplishment moves it to the second position after the US dollar when it comes to P2P trading using fiat currencies. The primary P2P platforms utilized for Bitcoin trading in Africa are LocalBitcoins and Paxful.

Notable strides

Statistics presented by data analytics firm Useful Tulips show that Bitcoin trading has been on the rise in Sub Saharan Africa based on considerable crypto adoption. For instance, in 2016, Bitcoin traded was below $2 million, but now it has exceeded $16 million.

Therefore, P2P platforms are bridging the crypto adoption gap in Africa because increased Bitcoin trading in the continent shows that Africans have come to appreciate that the leading cryptocurrency is an ideal store of value and medium of exchange.

Despite the escalated Bitcoin trading in Africa, a recent report by leading US cryptocurrency exchange Kraken indicates that it has nosedived by 51%, representing a 6-month low in the first half of 2020 worldwide. Moreover, a relatively sluggish trend was recorded in June as a 31% month over month (MoM) drop was witnessed.

PrimeXBT Analysis: Bitcoin Hash Rate Sets New ATH, Fundamentals Scream Buy The Dip

In stocks, company profit margins and operating expenses are top priorities in fundamental analysis. Fundamental analysis in forex currencies could involve looking at each nation’s GDP or country’s political health. Commodity fundamental analysis looks at supply, demand, and environmental factors.

But when it comes to cryptocurrencies like Bitcoin, fundamental analysis is vastly different. It involves terminology unusual to finance like hash rates, proof-of-work consensus algorithms, block reward halvings, and all kinds of bizarre barometers of network health.

However, these measurements, when combined with technical analysis, can be extremely telling about where Bitcoin is in its current market cycle. And with the current state of the Bitcoin network along with pure technicals closely mimicking the previous bull market breakout, the latest dip in the cryptocurrency could be the last opportunity of a lifetime to “buy the dip.”

PrimeXBT analysts have put together a compelling case as to why Bitcoin fundamentals are more bullish than ever, and how technicals back up the bullish momentum. Here are all the crucial factors to carefully consider before taking any position in the crypto market.

Bitcoin Network Healthier Than Ever, Crypto Fundamentals Could Fuel Rapid Rise

News broke this week that Bitcoin’s hash rate, the unit of measurement representing the combined processing power of all of the miners contributing to securing the Bitcoin network, reached a new all-time high.

Not only that, but the critical metric surged some of the largest it ever has week over week, all while Bitcoin price plunged over $2,000. Despite the drop, there are very few – if any – signals in Bitcoin charts, fundamental, technical, or otherwise, that would suggest more bearish downside.

The increase in hash rate could signal more miners are getting into Bitcoin with it becoming a more profitable venture once again. Miners could also be building up their processing power ahead of the next bull market to remain competitive. Whatever the reason, the cryptocurrency’s hash rate skyrocketing is anything but bearish.

A moving average tool based on Bitcoin’s hash rate and mining difficulty called the hash ribbons were developed by crypto fundamental expert Charles Edwards, who used the tool to signal when miners are capitulating. More importantly, the tool also signals when this process is over, which has thus far been the most lucrative buy signal in Bitcoin history. That signal just triggered again.

Stock-To-Flow’s Time To Shine, Or Else It May Be Time For Plan C

Much of Bitcoin’s value and even its recent bullish momentum are due to its hard-coded digital scarcity. The max Bitcoin supply is 21 million BTC, and even less exist due to what’s currently circulating and what’s been lost forever.

In an attempt to affix a valuation based on this scarcity, regularly adjusted for Bitcoin’s reducing block reward that cuts the BTC supply miners receive in half every four years, a pseudonymous analyst named Plan B has developed what’s called the stock-to-flow model.

The stock-to-flow model is one of the most important, realistic, yet polarizing valuation methods available for Bitcoin. Those vehemently opposed to the model argue that Bitcoin market cycles are lengthening, while those that subscribe to the theory believe that the halving causes bull runs.

According to the theory, lower supply entering the market caused demand to outweigh supply and the asset’s valuation to take off like a rocket after each halving. Bitcoin’s halving is now months in the past, and although the asset is climbing, we haven’t seen the same explosion as the last bull market. However, as fundamentals are signaling, that’s what could lie next in the crypto market. If not, and “Plan B” fails, “Plan C” could stand for “crash” if investors suddenly stop believing in the theory and sell in a panic.

Bitcoin Technicals Support Fundamental Growth And New Uptrend

Failure here, however, is unlikely, as fundamentals suggest. And backing up the strong fundamental signals in Bitcoin are just as powerful technical patterns.

Technical analysis is a practice designed to increase the probability of success by predicting market movements based on patterns and other signals. Various indicators also are used to predict Bitcoin going up or down or even sideways.

The current technical structure on monthly timeframes shows a massive, multi-year symmetrical triangle breakout out of its resistance and confirming that resistance line as support. There is also a bullish retest of horizontal support taking place at the exact same time. Both of these key levels are holding up, post-halving, just like the last market cycle. And both cycles formed the same type of pattern – which is typically a bullish continuation pattern.

Long Bitcoin With PrimeXBT And Ride With The Cryptocurrency Bulls

After the breakout and retest of support turned resistance, Bitcoin price rallied from $1,000 to $20,000 in just over a year. Technical analysis is not an exact science, but statistics show that in more than half of all patterns at 63%, break out to the upside. If the movement prior to the symmetrical triangle was upward before the formation, that number increases to 89% of cases.

81% of all symmetrical triangle bullish breakouts reach their projected measured move target. In Bitcoin’s case, the target is well over $100,000 per BTC – matching with some expert Bitcoin price predictions and valuation-based projections such as the stock-to-flow model.

If this is the case, taking a long position on Bitcoin using a cryptocurrency margin trading platform such as PrimeXBT could end up being a trade of a lifetime. Past results don’t necessarily guarantee future performance, and an unusual amount of risk hangs over markets that could suggest this time is different than the last.

However, if history repeats and the halving theories such as stock-to-flow are proven correct, this recent crash could be the last dip ever. Analysis from the award-winning PrimeXBT shows Bitcoin fundamentals and technicals healthier and more bullish than Bitcoin has been in the previous three years. So long as proper risk management strategies are considered and followed, the upside reward could ultimately be worth the risk.

PrimeXBT offers long and short positions on CFDs for crypto, forex, stock indices, and commodities, along with all of the risk management tools to take a chance with Bitcoin. Traders unsure exactly how to approach positioning themselves can also follow other more skilled traders through PrimeXBT’s newly launched Covesting copy trading module.

The Rise of the Anon: Protecting Innovation

A little over ten years ago, an anonymous developer known only as Satoshi unleashed an unstoppable new form of money into the world. In the years that followed, that invention spread, grew, and garnered global influence, reserving a space on the balance sheets of major corporations while knocking sternly at the door of printer-happy central banks. It’s this same controversial nature that has led many to acknowledge that Satoshi’s decision to remain anonymous may in fact have been one of the great gifts imparted to his technology.

Removing a central figure as a fulcrum of influence, for better or worse, allowed the technology to function independently as intended. Increasingly, however, more and more founders, online personalities, educators and others are choosing an anonymous identity – not only for the protection it may proffer their ideas, but for the personal safety it also provides.

Being an “Anon”: The Benefits and the Trend

In an increasingly online world, a personal identity can be a target – names, email addresses, locations and other identifiers are all easily exploitable by other anonymous actors. Duplicate accounts and impersonation are objectives easily accomplished with a name and email. With the connection of a name and email to other sensitive information, such as passwords, risks like identity theft and blackmail begin to loom large. While often this level of access is due to a data breach at some major company with a long list of such info, proffering personal information freely online doesn’t help. Additionally, the increase in “doxxing” of online personalities whose ideas may run contrary to others’ beliefs – or simply have rubbed some online troll the wrong way – is another very real reason for personalities to go dark.

The ability to express one’s opinions and ideas without the threat of asymmetrical personal repercussions is becoming increasingly desirable or even necessary in a polarized world. These factors, independently or combined, have given rise to credible anon. Today, community members and creators are often able to legitimately build, lead and educate from behind the lines of an avatar. The acceptance of credentials from accounts behind even the names of comic book heroes or other mythical characters happens via the vetting of their content, rather than character, and has often even earned these anons a place in the upper echelons of internet influence.

Bad Actors

It’s not to say that anonymity doesn’t work both ways. While anonymity is a tool being increasingly used by credible sources, it also still remains a shroud to those who prefer to lurk in the shadows, circumventing accountability. The same protection offered to those who might share simply opposing or unconventional views can also be used to spew unwarranted vitriol that would never see the light of day under public circumstances. Likewise, anonymity offers easy cover for scammers, shills, and “developers” of new and unknown but sure-to-be-huge projects, selling the snake oil of the next big thing and then disappearing into oblivion without repercussion. It stands to reason that in an anonymized world, critical thinking, level-headed judgment and personal responsibility play an even greater role. However, the layer of mystery anonymity provides can make distinguishing between bad actors and legitimate anons more challenging.

Navigating Anonymity

When is it necessary to know the character of a person, and when is it enough to rely on the quality of their content? Some of the most respected names in business history have gone on to steal their customers’ funds. A public persona and even proven track record are not necessarily always enough to judge the outcome of an endeavor. However, these same aspects are nonetheless an important measuring stick in due diligence. Particularly with investments, the outcome of the project remains to be seen – and the character of the founder becomes a greater factor in decision making. At a minimum, a point person reduces the risk of the same absconding with funds or being able to escape responsibility entirely in the event of gross negligence. An anonymous founder, meanwhile, doesn’t have to be a red flag – many projects can and do benefit from the absence of a central figure. However, even Satoshi’s brilliant brainchild, as the product of an anon, had to work seamlessly for almost a decade before it earned the attention of major investors. Other types of projects rely less on trust. Endeavors like analysis and opinion, other forms of content creation and even sometimes reporting, offer a greater opportunity to be immediately vetted, discredited, discussed or accepted. The nature of content as a product itself requires less reliance on unknowns like future promises or the persona of the author themselves. While discretion plays a role in any online activity, content provided is intrinsically less opaque than contracts based on character when it comes to anonymous sources.

Anonymity is a double-edged sword that provides protection to whoever wields it. The rise of the anon may mean the distinction between criminal tactics and those used in service of discretion blurs, with future parameters for what justifies suspicion versus what constitutes privacy potentially becoming battlegrounds. However, just as attackers have historically used anonymity as a veil with which to protect themselves, it stands to reason that anonymity is a tool now being used by credible sources – from innovators to educators and more – in order to mitigate such attacks and remove both themselves and their ideas from becoming targets. As more people’s lives go online, being an “anon” can provide personal safety on the web, as well as allowing the focus of someone’s work to be exactly that.

ETH and XRP Price Analysis: November 25, 2020

The past week has been bullish for the top ten cryptocurrencies as several coins broke new resistances to test new highs. Ethereum (ETH), and Ripple”s XRP token are among the cryptos that saw an uptick in their prices the past week. Today’s analysis highlights the current price events around ETH and XRP and what the technicals are saying about their short term projections. The XRP price notably gained over 110% this week according to CoinMarketCap.

ETH Price Analysis

ETH saw bright days in the past 7 days on the backdrop of staking accrual into Ethereum 2.0 deposit contract address by the community as the launch of Ethereum 2.0 draws near. The target number of deposits has now been met and this positive news pushed ETH price briefly beyond the $600 resistance level.

Brian Norton, COO, MyEtherWallet (MEW) discussed Ethereum’s astonishing performance with Blockchain.News:

“ETH outperforming BTC on the year is not surprising when you look at what happened this year in Ethereum – a rapid growth in lending, borrowing, automatic money markets, and experiments in new token distribution models has led to over $14B in assets being locked in DeFi, up from $1B in February of this year.”

To date, ETH has gained 320.8% year-to-date. It surged by 45.3% in the past month, and 22.4% in the past 7 days. The bullish gains ETH experience saw a slight retracement of 3.1% in the past 24 hours which shows that the bears in the market are trying to gain control of the market and push the market lower.

Source: TradingView ETH/USD

A look at the 4H price chart of ETH-USD on TradingView suggests a broad bullish run from the 15th of November when the bulls took over the market bouncing off a $440 support level. The Balance of Power (BOP) of ETH-USD price movement is 0.50 which suggests a dominating influence of market bulls in the face of numerous sellers willing to sell off their stakes. The actions of the buyers are confirmed by the 20-day Moving Average which is trending upwards.

Should the technicals prove true, Ethereum’s price may push beyond the new 2020 high of $600, even as Ethereum 2.0 launch approaches.

XRP Price Analysis

The price of XRP is currently seeing an 11.2% retracement according to Coingecko. This retracement follows a week in which XRP surged to hit its news 52-week high of $0.768019 achieved in the past week. XRP is up 192.8% this year, 155.2% in the past month, and a massive 113.6% in the past week, reflecting the new yearly high.

Source: TradingView XRP/USD

According to an earlier report by Blockchain.News, the temporary glitch on Coinbase cryptocurrency exchange may be responsible for the flash crash in the price of XRP. Nonetheless, XRP outperformed the duo of ETH and Bitcoin (BTC) in the past week. With the current dip in price, all eyes are on XRP, and whether it can sustain the growth recorded in the past week and month.

Per the technicals, The XRP-USD price movement maintains an above-average Relative Strength Index of 64.69 showing an almost balanced reaction in the market. However, the price is moving away from the upper Bollinger Band showing that the bears may have a greater influence on the price at this time. Either way, the 20-day Moving Average is still bullish and expectations are that the growth seen in the past days will be sustained.

Why Bitcoin Investors Shouldn’t Expect a Straight Moon Shot Over $20,000 Just Yet

Bitcoin has gained over 166% since the start of the year and while the BTC price has been continuously testing the $19,500 resistance over the last month—the pioneer cryptocurrency has not yet produced the much-anticipated moon shot over $20,000.

While the crypto market has been rallying on increased institutional acceptance of Bitcoin, a strong correlation to a bullish stock market and government COVID-induced money printing—recent analysis and survey results indicate we could be in for a long period of stagnation before the BTC price moons.

Where’s the BTC Moon Shot?

Institutional and retail investor belief in Bitcoin has been building this year and has consequently propelled BTC prices to its all-time-high level. More impressive is that less than a year ago, BTC was worth just $4,000 per coin after taking a black swan dive with the rest of the traditional markets in March.

Paolo Ardoino, CTO of Bitfinex commented on growing institutional belief. He told Blockchain.News:

“Bitcoin has solidified its place in investment portfolios as an asset to hold as a hedge against inflation and currency devaluation. As Bitcoin continues on its path towards acceptance as an established asset class, interest from institutional investors will grow, while traditional financial institutions will develop even more crypto-related products to meet the growing interest and appetite for Bitcoin.”

Following its breathtaking rally, the market appeared in full belief that once Bitcoin reached this price level, nothing would stop the cryptocurrency from launching into completely new realms of price discovery, but instead, the market has been moving sideways for the last month and consolidating.

Lark Davis, a popular YouTube crypto analyst known as the CryptoLark today tweeted an eerily similar comparison of Bitcoin at the $10,000 level and today’s levels above $19,000, indicating crypto investors could be in for weeks of sideways Bitcoin price action.

The CryptoLark shared the analysis above and wrote:

“Eerily similar chart pattern playing out now compared to the 10k range for Bitcoin. What if we don’t stage an insane breakout to 20k any second but instead range sideways for weeks?”

While price consolidation is often a bullish sign that upward movement will follow, another technical analyst called ImmortalTechnique says a breakout won’t arrive before a number of shakeouts, traps in either direction and extreme deviations.

Source: BTCUSD on TradingView.com

The pseudonymous analyst argues that although Bitcoin should “consolidate” below ATH, price action will get extremely volatile.

What do Investors Think?

As Bitcoin exploded towards the end of 2020 and recorded gains over 160% for the year, news sites and Twitter feeds have reported an overwhelming bullish sentiment for the flagship cryptocurrency with projections ranging from $50,000 – $500,000 per BTC in the next few years. But a shock survey from Genesis Mining reveals that not everyone is so sure.

Institutional mining platform, Genesis Mining conducted a survey to quantify the current Bitcoin investment sentiment. 1,000 US-based investors were surveyed revealing that although the majority were sure the BTC price would continue to appreciate—only 17% are betting on $50,000 BTC and only around 3.5% of respondents believe that the Bitcoin price can reach $500,000 by 2030.

The survey, however, found strong support for Bitcoin’s case as a store of value with two-thirds tipping BTC as a better long-term hold than the US dollar. Over 50% also tipped that Bitcoin will replace traditional safe-haven assets like gold and real estate within the next ten years.

Genesis survey reveals that the overall sentiment for Bitcoin remains bullish in the majority, but with only 17% predicting $50,000 by 2030 the findings indicate that that overall the respondents do not believe Bitcoin can grow another 160% in the next ten years—despite Bitcoin making an almost identical price percentage gain in just the last few months.

The results reveal that over 30% of respondents are expecting the Bitcoin price to move sideways or decrease over the next ten years due to regulatory pressure and around 20% are expecting overreaching government bans.

While the sample size is not indicative of the entire global Bitcoin investor base, the revelations in the findings may serve as a shock to most taking part in the current Bitcoin bull market.

Token Metrics CEO: Bitcoin Price Increase to $26k likely, $32k Possible, and $40k Outlandish

Bitcoin’s market rise today is historic, with the price currently sitting at over $21,770 and looks poised for a further break out—but where will the BTC price be in the next few months?

According to Ian Balina, the Founder and CEO of Token Metrics, an AI-driven digital asset research company and his team, the next few months into 2021 should be rather bullish with his team making several predictions.

Balina commented on the Bitcoin price rally to Blockchain.News in an email:

“This is a historical day for bitcoin. Bitcoin has reached a new all-time high without receiving much media attention compared to 2017 according to Google trends. As a result, the media and retail are about to return to bitcoin and find a much more mature and promising cryptocurrency. Bitcoin could reach $50K within the next few years or even higher. We’re now officially in uncharted territory.”

Where will this Bull Run Rest?

The Token Metrics team supplied two charts indicating where the Bitcoin price could go from here. At the time we received the charts, Bitcoin had only broken as far as $20,600.

At the time of writing, Bitcoin’s market cap has already exceeded $400 Billion dollars according to CoinMarketCap, but the Token Metrics team show projections as high as $420 billion by early 2021.

In terms of the Bitcoin Price, the Token Metrics team predicted the possible BTC upside targets. The team stress that $26k seems the most likely pricepoint for the firs month of 2021 but $32k being possible. The Bitcoin price exceeding $40k remains an outlandish scenario.

Industry expert and CTO of Bitfinex Paolo Ardoino also furnished Blockchain.News with his opinion on the current state of Bitcoin and where it is headed. He said:

“Bitcoin’s ascent above US$20,000 is yet another milestone in what has been an epic year[…]But the main story is not about speculation or trading. Bitcoin represents a monumental technological shift, the consequences of which are only just beginning to be seen. Critics should take heed of the quiet dedication of those building layers upon this technology that will change the very nature of money by the end of this decade.”

Bitcoin Price at $30,000 Could Mean BTC is Rising too Far too Fast, says Tone Vays

Crypto Analyst and Bitcoin trader Tone Vays has warned that should the Bitcoin price hit $30,000 this week, the crypto will be in the “rising too far too fast zone” which has typically lead to drastic price plunges.

Bitcoin surged above the $24,000 level and recorded a new all-time high over the weekend. Breaking past its resistance level at $24K, Bitcoin managed to reach over $24,200, but is not consolidating and trading slightly lower, at a BTC price of $23,839 at time of writing.

Sharing a chart analysis presentation, Tone Vays tweeted:

“I remain bullish going into Monday but if #Bitcoin is hitting 30k by end of week we would be in that Rising too far too fast Zone which historically ends badly.”

Tone Vays argues in his presentation that as Bitcoin tops the $23,000 to $24,000 range, a pull back to just $20,000 is not “healthy enough” and the popular crypto trader argues the market will soon correct lower than $20K.

However, a pullback to $20,000 for the Bitcoin price seems likely to Vays if the Bitcoin bull run’s momentum manages to carry it to $30,000, as it would represent a huge correction of 30%—but dependent on the speed of BTC’s rise Vays argues that the correction could be far more drastic.

Vays said in the attached video presentation that Bitcoin may be rising too fast:

“If we go to $30K really really quickly, that creates an unsustainable environment that opens up sub $14,000.”

Drawing comparisons to Bitcoin’s rapid rise to $14,000 last year which saw Bitcoin plummet nine months later to under $5,000. While Vays is referring to the Bitcoin price swan diving with the rest of the traditional markets when the covid-19 market crash occurred in March this year, the trader argues that the drop was exacerbated by Bitcoin rising far too quickly to $14,000.

While Vays remains bullish on the Bitcoin price, he argues that the market is on the verge of going up too fast, far too quickly, and believes if the Bitcoin sees another monster increase this week, the correction could be equally devastating. He said, “This could be a $5,000 week” for Bitcoin.

Bitcoin Price Rally Will Peak Out Early in 2021, according to CNBC Report

Bitcoin has been on a tear late in the last quarter of 2020, reaching a new all-time high above $28,000 on Sunday, but according to one institutional trader’s analysis—BTC price could peak out early in 2021, providing a prime opportunity to buy the dip.

The Bitcoin price is currently at $26,774.36 down is up by nearly 20% over the last seven days. As institutional money and stimulus money printing continues to drive the price higher, one analyst’s charts indicate that the BTC price surge may peak early in 2021.

Speaking on CNBC’s Trading Nation, Mark Newton, Founder and President of Newton Advisors said that his analysis indicated that the Bitcoin bull run will continue in the short term but will peak out and take a rest early in 2021.

Newton told CNBC:

“It is still quite bullish on an intermediate-term basis given that it just broke out to new all-time highs[…] think we have a ways to go. Near term, my cycle composite shows us peaking out in early January.”

The Newton Advisors founder told CNBC that Bitcoin’s is mainly gaining traction with institutional investors and although Google searches for Bitcoin are up over 750%, they still not close to reflecting the interest that was seen in 2017 when Bitcoin first had $20,000 in sight.

Another Chance to Buy the Dip

Newton’s technical chart uses three different Bitcoin cycles, the main one being 273 days, to track changes in the crypto’s movements and it indicates an upcoming turn change in Bitcoin’s direction upward direction.

Source: CNBC Trading Nation

Newton explained, “All those years where we had a stellar Q4 we reversed course in trend back in late December, early January, and actually went lower […] So, I think there will be some opportunity [for] investors to be able to buy dips in crypto and Bitcoin particularly.”

Newton has high expectations for Bitcoin, Ethereum and Litecoin price in the long-term but he told CNBC that he would be looking to cash out as soon in the next one or two weeks as he believes there will be an opportunity to buy the BTC dip in Q1 of 2021.