Widely-followed crypto strategist and trader Bitcoin Jack is expecting a final leg down before Chainlink (LINK) ignites a massive bull rally.
In a new Twitter post, the crypto analyst predicts that the decentralized oracle network will take one more dip to $8 before exploding 300%.
“Stinkbids on $LINK at $8 – $9 and accumulating some now around $10. Invalidation if price starts fucking around below stinkbids & will build more size if trend confirms. I think this is going to $28 – $32 on the next run.”
Chainlink was one of the hottest crypto asset this year after climbing to an all-time high of $19.85 on August 16th, according to CoinMarketCap, on the way to becoming the fifth-largest cryptocurrency. The token has entered a vicious corrective period since, losing more than half of its value in less than a month.
Meanwhile, Bitcoin Jack is also keeping a close watch on BTC as it approaches a key resistance level. The trader is starting to take profits as he expects the crypto king to struggle around $11,400.
While the crypto strategist is short-term bearish on BTC, he believes in the digital gold’s long-term potential. He tells his crew of 60,000 why he thinks the world’s leading cryptocurrency is bullish from the high timeframe (HTF) perspective.
“7 technical reasons to be HTF bullish on Bitcoin
>lagging span breakout
>cloud support
>horizontal support
>diagonal support
>lagging span timing
>4 months past halving
>bullish monthly trend.”