Cryptocurrency analyst and trader Michaël van de Poppe is turning bullish on decentralized oracle provider Chainlink (LINK).
Van de Poppe tells his 685,200 followers on the X social media platform that LINK could soar by more than 90% from its current value.
“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.”
Looking at his chart, the trader suggests that in the near term LINK could soon cross the $16 level, dip below $15 and then bounce beyond the $18 level.
LINK is trading for $15.72 at time of writing, up nearly 3% in the last 24 hours.
Next up, the trader believes that Ethereum (ETH) may have entered into an uptrend against 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.”
ETH/BTC I trading for 0.05924 BTC ($2,530) at time of writing.
The trader also updated his outlook on Bitcoin a week after the launch of spot BTC exchange-traded funds (ETFs).
“Bitcoin is eager to consolidate within this range, the ETF hype slowly fading away. The launch of the ETF was one of the best-performing launches in terms of net inflow and volume and will show in the coming years. Potential resistance at $46,000 and support at $39,000-$41,000.”
Looking at his chart, the trader suggests Bitcoin might soon rally above $45,000 and then retest the $39,000 level around March and April at which point it could then move to the upside passing the $42,000 level around May.
Bitcoin is trading for $42,648 at time of writing, down slightly in the last 24 hours.
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