Cryptocurrency analyst and trader Michaël van de Poppe says that one top-15 digital asset could soon soar against Bitcoin (BTC).
Van de Poppe tells his 685,300 followers on the social media platform X that decentralized oracle provider Chainlink (LINK) could rally more than 167% against Bitcoin (LINK/BTC).
“Chainlink has held a crucial level of support on the BTC pair and is likely going to continue from here. Crucial breakout above 0.00045 BTC, if that breaks, a run to 0.0008-0.001 BTC seems next.”
Looking at his chart, the trader suggests that LINK/BTC is on the verge of a trend reversal and about to break through a key resistance level at 0.0004480 BTC ($18.63).
LINK/BTC is trading for 0.0003741 BTC ($15.59) at time of writing.
The trader also weighs in on Bitcoin as the crypto king dipped to the low $40,000s this week. He believes Bitcoin is in the early stages of a bull market cycle and wouldn’t be surprised to see a correction to the $36,000 level.
“Bitcoin isn’t into a bear market; it’s at the start of a new bull cycle. However, as it’s at the start of a new bull cycle, discussions will be heavy between the two groups…
Perhaps we’re there already for Bitcoin, but it seems likely that we’ll test lower before we can have a reversal back up. My personal interest is between $36,000-$40,000 to be accumulating more into Bitcoin. The range remains defined.”
Bitcoin is trading for $41,636, up slightly in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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