A prominent figure in the cryptocurrency analysis sphere, Michaël van de Poppe, has recently shifted to a bullish stance on the decentralized oracle network known as Chainlink (LINK), following a significant price drop. Addressing his substantial audience of 722,800 on social media platform X, van de Poppe suggests that, in alignment with past trends, Chainlink is poised for an upward trajectory against Bitcoin (LINK/BTC) as the year draws to a close.
“Consistently, LINK has exhibited a recurring pattern: a six-month decline followed by a six-month surge. Currently, we’re in the latter half of this cycle, witnessing a gradual ascent. Anticipate prosperous developments ahead.”
Source: Michaël van de Poppe/X
Furthermore, van de Poppe observes that LINK is forming an optimistic pattern in its daily trading against Bitcoin.
“LINK’s momentum is palpable as it consistently surpasses previous highs. When assessing the strength of altcoins, it’s crucial to consider their Bitcoin pairing rather than their USDT pairing.”
Source: Michaël van de Poppe/X
At the moment of writing, LINK’s exchange rate stands at 0.0002243 BTC, equivalent to $13.11.
In addition, van de Poppe forecasts a forthcoming bullish reversal for other alternative cryptocurrencies. He points out that OTHERS, an index tracking the market capitalization of all cryptocurrencies excluding the top ten and stablecoins, is demonstrating a bullish double bottom formation against Bitcoin (OTHERS/BTC) on the weekly chart.
“The prospect of another altcoin bull market may cross your mind. I believe it’s just over the horizon… A glance at the OTHERS/BTC chart reveals a double bottom pattern forming, indicating the lowest altcoin valuations in three years relative to Bitcoin.”
Source: Michaël van de Poppe/X
Stay Informed –
Subscribe
for direct email notifications.
Monitor
Price Movements
Connect with us on
X
,
Facebook
, and
Telegram
Explore
The Daily Hodl Mix
Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Before engaging in high-risk Bitcoin, cryptocurrency, or digital asset investments, investors are advised to conduct thorough research. Please be aware that your transactions and trades are solely your responsibility, and any resulting losses are your liability. The Daily Hodl neither endorses nor advises the purchase or sale of any cryptocurrencies or digital assets and is not an investment advisor. The Daily Hodl is involved in affiliate marketing programs.
Generated Image: Midjourney
