According to cryptocurrency analyst and trader Michaël van de Poppe, he is turning bullish on Chainlink (LINK), a decentralized oracle provider.
Van de Poppe has stated to his 685,200 followers on social media platform X that LINK’s value could surge by over 90% from its current value.
Ethereum and Bitcoin predictions are out
“LINK seems ready for continuation after sweeping the lows. As long as it stays above $13.50-14.25, everything is likely continuing towards $25-$30.”
Based on his analysis, the trader predicts that LINK could reach $16 in the short term, then drop to below $15, before eventually rebounding to surpass $18. As of now, LINK is trading at $15.72, having increased by almost 3% in the past 24 hours. The trader also believes that Ethereum (ETH) has started an upward trend when compared to Bitcoin (ETH/BTC).
“Strong bounce from Ethereum resulting into a likely uptrend. Needs to break through 0.06 BTC to make sure that the trend can continue, but the weekly bullish divergence identifies that there will be substantial strength in the coming months.”
The trader has updated his outlook on Bitcoin one week after the launch of spot BTC exchange-traded funds (ETFs).
According to him, Bitcoin is currently looking to consolidate within a certain range and the initial hype around the ETF launch is slowly fading away.
The ETF launch was one of the best-performing launches in terms of net inflow and volume, and its impact will be visible in the coming years. The trader sees potential resistance at $46,000 and support at $39,000-$41,000.
Based on his chart analysis, the trader suggests that Bitcoin may soon rally above $45,000 and then retest the $39,000 level around March and April. At that point, it could move to the upside, passing the $42,000 level around May.
Earlier today, we revealed that cryptocurrency expert Benjamin Cowen has issued a warning about a pattern that has been observed before the past three Bitcoin (BTC) halvings and has now resurfaced.
Cowen has stated that Bitcoin has historically fallen to the bull market support band during the first quarter of the halving year.
