A widely followed cryptocurrency analyst and trader believes that one top 20 altcoin project is primed to move another leg up.
Michaël van de Poppe tells his 692,300 followers on the social media platform X that the decentralized oracle network Chainlink (LINK) could increase about 90% from its current value.
“Chainlink is still stuck in a range, but is likely going to break to the upside. Why?
– Has taken the liquidity by the dip to $12.20.
– Multiple tests of resistance.
– BTC pair bottoming.
– ETH starting to wake up.
Seems likely we’ll see $25-$30 in the coming months.”
Looking at his chart, LINK made four tests of the key resistance level around $16.54 since November, suggesting it could soon flip that level into support with another attempt.
Chainlink is trading for $15.57 at time of writing.
Next up, the trader predicts that Bitcoin (BTC) will retest a higher level ahead of the halving event in April, when miners’ rewards are cut in half. During the same time period, he predicts altcoins will outperform the crypto king.
“Bitcoin took the liquidity above the high and will likely consolidate. Overall, pre-halving a new test at $48,000-$50,000 seems likely, and altcoins will outperform massively during this time.”
The trader lays out a longer-term outlook for Bitcoin and predicts BTC could soar to its prior new all-time high in 2025 after breaking out of a 2024 trading range.
“[This] scenario still stands on Bitcoin.”
Looking at his chart, the trader suggests Bitcoin may reach $68,000 in the first half of next year. He also suggests Bitcoin could rally to $50,000 ahead of the halving and then decline to $39,129 before resuming upward momentum.
Bitcoin is trading for $42,439 at time of writing, down more than 2% in the last 24 hours.
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Source: https://dailyhodl.com/2024/02/01/analyst-michael-van-de-poppe-forecasts-90-rally-for-top-20-ethereum-based-altcoin-updates-outlook-on-bitcoin/