One widely followed crypto analyst is turning bullish on decentralized oracle network Chainlink (LINK) after a massive correction.
Crypto trader Michaël van de Poppe tells his 722,800 followers on the social media platform X that based on a historical pattern, Chainlink could enter an uptrend against Bitcoin (LINK/BTC) to end the year.
“LINK has been seeing the same pattern over and over again. First six months downwards. Second six months bull market. We’re in the second six month part and are slowly grinding upwards. Good times ahead.”
The analyst also says that LINK is printing a bullish pattern against Bitcoin on the daily chart.
“LINK continues to show momentum as it’s continuing to break the highs. It’s more important to watch the Bitcoin pair of the altcoins rather than the USDT pair, as you’ll define the strength/weakness of altcoins more through the BTC pair.”
LINK is trading for 0.0002243 BTC ($13.11) at time of writing.
Lastly, the analyst predicts other altcoins will soon have a bullish reversal.
He suggests that OTHERS, which tracks the market capitalization of all crypto excluding the 10 largest digital assets and stablecoins, is forming a bullish double bottom pattern against Bitcoin (OTHERS/BTC) on the weekly chart.
“You might wonder whether we’ll be having a bull market for altcoins ever again. I think it’s on the horizon… Once we’re looking at the OTHERS/BTC chart, we can see that we’re having a double bottoming procedure and the lowest valuations of altcoins in three years, compared to Bitcoin.”
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Generated Image: Midjourney