The analyst who accurately called the end of Bitcoin’s (BTC) bull market last year is predicting a considerable rally for one Ethereum-based (ETH) altcoin.
The pseudonymous analyst known in the industry as Pentoshi tells his 640,900 Twitter followers that decentralized oracle Chainlink (LINK) has one of the best-looking charts on a high timeframe perspective.
[adinserter block="1"]The crypto strategist also mentions that staking on Chainlink, which is slated for launch in December, will likely be the catalyst that pushes LINK to his target of $12.45.
“While people are quiet on it now, I don’t think that will be the case three to four weeks from now. Timeline [to target] four to five weeks.”
At time of writing, Chainlink is swapping hands for $7.77. A move toward Pentoshi’s target suggests an upside potential of over 60% for LINK.
Pentoshi is also keeping a close watch on the total market cap of crypto excluding Bitcoin and Ethereum. The index, which tracks the value of the altcoin markets, appears to have formed a short-term bottom, according to Pentoshi.
With a local bottom in place, the crypto strategist predicts the index could rally from its current level of around $387 billion to about $456 billion, suggesting that altcoins at large have significant room to grow.
“It like everything else formed it’s current bear market base directly on top of the 2017 all-time high. In saying that, there is a great chance we can see MANY not all rally back to August levels.”
Looking at Ethereum, Pentoshi says ETH has entered a new trading range.
“Flipped resistance to support so now $1,516 range low, $1,650 [range midpoint] and $1,783 range high.”
At time of writing, ETH is trading at $1,570, down 1.58% on the day.
As for Bitcoin, the crypto strategist says that he sees Bitcoin pulling back to establish a trap for BTC bears before launching a new rally.
“Wait for the $19,000 bottom bears to celebrate the first pullbacks in a week and then punish them again.”
At time of writing, Bitcoin is valued at $20,462, flat on the day.
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