In summary:

Over the past few weeks, ChainLink (LINK) has proven to be the proverbial fastest horse in the crypto markets. LINK seems to be setting a new all-time high value every 24 hours with its current one being $14.46 set only yesterday, August 9th.

It is with this brief background that Timothy Peterson of Cane Island Alternative Investors, has highlighted the possibility of LINK hitting $32 by the end of the year.

However, Mr. Peterson has also warned that such a parabolic move up would not be sustainable. He added that investors who would be lured to buying LINK at such levels, risk losing 50% of their investment or even more.

Mr. Petersons exact statement was as follows.

Did some quick analysis of #chainlinks network growth rate and historical deviations in price put

Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.

Mr. Peterson has on more than one occasion, hit the nail on the head with his analysis of ChainLink and Bitcoin.

Firstly, and in early July, his modeling of LINKs price using Metcalfes law had estimated an $8 value of ChainLink by August. Checking the charts, LINK has since exceeded this value and almost doubled it at its current price of $13.45 Binance rate.

Secondly, Mr. Peterson had also used his Metcalfes model to predict that Bitcoin would hit $10k before mid-August. Checking the charts once again reveals that Bitcoin has overshot his estimates by a cool $2,000.

Thirdly, and in mid-July, he had predicted that ChainLink would eclipse Bitcoin SV (BSV) and Bitcoin Cash (BCH) in terms of market capitalization. Taking a brief look at Coinmarketcap reveals that LINK has surpassed BSV and claimed the number 6 spot. Mr. Peterson has since updated his comments regarding LINK flippening BCH as seen in the following Tweet.

Approximately $533 Million in market cap separates LINK from Bitcoin Cash. This means that LINK needs only be valued above $16.169 to take the number 5 spot from Bitcoin Cash.

See the original post here:

ChainLink (LINK) Hitting $32 is Possible but Risky - Crypto Analyst - Ethereum World News