Chart points to bitcoin peaking out in early 2021
Bitcoin could be headed for a breather in the new year. The red-hot cryptocurrency continued its longest monthly win streak in more than a year on Monday after grazing a new all-time above the $28,000 mark on Sunday. Based on the charts, that run might be put on pause come 2021, Mark Newton, founder and president of Newton Advisors, told CNBC’s “Trading Nation” on Monday. “It is still quite bullish on an intermediate-term basis given that it just broke out to new all-time highs,” Newton said. “I think we have a ways to go. Near term, my cycle composite shows us peaking out in early January.”
Bitcoin’s weekly chart and relative strength index reflect rising interest in the world’s largest digital currency, mostly from institutional investors, Newton said. Google searches for bitcoin are up some 750% year over year, but still “nowhere near” their highs from 2017, the chart analyst said. ″[With] SPACs right now, you can make money at 10, 15, 20% a day,” he said. “I just don’t think that investors have quite the appetite for crypto while the institutions are certainly very much heading in that direction.”
Newton’s other chart — which uses three different bitcoin cycles, the main one being 273 days, to track changes in the cryptocurrency’s path — hints at an upcoming turn in bitcoin’s direction. “All those years where we had a stellar Q4 we reversed course in trend back in late December, early January, and actually went lower,” he said. “So, I think there will be some opportunity [for] investors to be able to buy dips in crypto and bitcoin particularly.” Newton, who is long bitcoin, ethereum, litecoin and several other digital currencies, said he would look to sell out of his positions “in the next one or two weeks.” “I think there will be some opportunity to buy dips into Q1 of next year,” he said.
Boris Schlossberg, managing director of FX strategy at BK Asset Management, said the institutional interest in bitcoin “bodes well for the asset.” “Can it go to $50,000? Absolutely,” he said in the same “Trading Nation” interview, cautioning that “if you are looking to trade or invest this asset, you have to have the mentality that it’s going to have a huge amount of volatility.”
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 86.4% | 25 | $100 530.59 | 2.88% | -1.41% | $1 989 946 633 292 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 70.8% | 59 | $3 929.94 | 6.91% | 2.01% | $473 342 384 283 |  |
|
| 3 |  USDT |
Tether predictions | 91.6% | 1 | $1.000136 | -0.02% | -0.03% | $139 761 481 665 |  |
|
| 4 |  XRP |
XRP predictions | 59.6% | 93 | $2.43 | 4.35% | 5.06% | $138 977 464 000 |  |
|
| 5 |  SOL |
Solana predictions | 80% | 38 | $230.01 | 4.45% | -1.64% | $110 144 514 778 |  |
|
| 6 |  BNB |
Binance Coin predictions | 72.8% | 53 | $717.72 | 5.24% | -0.64% | $103 358 351 705 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 72% | 51 | $0.417997 | 6.37% | -4.06% | $61 514 936 275 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999826 | -0.01% | -0.02% | $41 551 036 928 |  |
|
| 9 |  ADA |
Cardano predictions | 59.6% | 85 | $1.16 | 15.10% | -2.35% | $40 890 525 956 |  |
|
| 10 |  TRX |
TRON predictions | 53.6% | 94 | $0.294299 | 8.22% | -10.42% | $25 384 160 807 |  |
|
| 11 |  AVAX |
Avalanche predictions | 63.6% | 72 | $50.35 | 13.49% | -3.07% | $20 626 202 711 |  |
|
| 12 |  LINK |
Chainlink predictions | 63.2% | 77 | $28.83 | 29.26% | 20.95% | $18 070 985 323 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.2% | 69 | $0.000029 | 8.54% | -6.64% | $17 273 209 565 |  |
|
| 14 |  TON |
Toncoin predictions | 62.8% | 71 | $6.49 | 6.60% | -5.29% | $16 558 970 773 |  |
|
| 15 |  DOT |
Polkadot predictions | 58.4% | 87 | $9.42 | 12.61% | -10.06% | $14 387 293 920 |  |
