It has been just revealed that we have new price predictions for BTC and LINK. Check them out below.
LINK and BTC price predictions are out
A popular crypto analyst is monitoring Bitcoin’s movements and analyzing Chainlink’s latest developments.
The pseudonymous crypto trader, Rekt Capital, shares with his 354,700 followers on the social media platform X that BTC’s current price point is serving as a “point of reflection” for the top crypto asset by market cap.
Rekt Capital suggests that BTC’s current price point is currently acting as a “point of rejection” and recommends keeping a close eye on it.
At the time of writing, BTC is valued at $26,899, marking a decrease of 0.5% in the past 24 hours. In the latest edition of the Altcoin Newsletter for traders, Rekt Capital presents a “short story” primarily conveyed through charts, detailing Chainlink’s recent price movements which resulted in a 44% increase since mid-August.
Despite LINK’s inability to break out of its macro downtrend, the trader suggests that its current price is well-positioned to close the week above the trendline.
Should this occur, a retest of the downtrend is likely, potentially leading to an upward movement for LINK.
However, a successful retest of the downtrend and a close above the range high resistance as support are necessary for LINK to confirm a breakout from its Macro Range.
Bitcoin in the news
According to Jurrien Timmer, the global macro director at Fidelity Investments, a recession could result in a significant rally for Bitcoin (BTC). Timmer states that Bitcoin’s gains are dependent on the decline of current high-interest rates.
He goes on to explain that the macro narrative needs to shift from being restrictive to accommodative to continue driving Bitcoin’s growth.
Timmer’s chart depicts a price band based on a typical adoption curve and a range of real interest rates (-2% to +2%). This range is derived from the past adoption rate of the internet and nominal interest minus inflation.
