A widely followed crypto trader says Bitcoin (BTC) is on the verge of reaching new heights while plotting out Chainlink’s (LINK) final corrective moves.
Crypto analyst Michaël van de Poppe tells his 668,000 followers on the social media platform X that BTC is ready to target new highs.
“Bitcoin is very much ready to reclaim $29,000-30,000 and target new highs.”
BTC is worth $27,984 at time of writing, up 2.1% in the last 24 hours.
A few days ago, Van de Poppe said that BTC was consolidating, which, according to the trader, should provide certain altcoins with momentum.
“Altcoins had a substantial correction overnight, while Bitcoin is consolidating.
The trendy coins from last weeks have seen a massive correction too.
As long as Bitcoin consolidates, I’ll expect that those assets continue to show momentum.
It takes a few days.”
At the same time, Van de Poppe pointed out that LINK would likely face one last correction before a breakout that could last into next year.
“The final correction for Chainlink before we’ll break out of this range.
The markets are still heating up for a big breakout, and if cycles do take place, 2024 is going to be a big year for LINK.
Expecting to see some retests around $7 to be bought, before $12-15.”
Taking another look at LINK yesterday, the trader said it was indeed undergoing a correction as predicted.
“Pretty substantial reaction here from LINK.
Didn’t reach my level yet, but it seems that this is the correction before a breakout upwards is the most likely occurrence.”
LINK is worth $7.63 at time of writing, up 1.7% in the last 24 hours.
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Source: https://dailyhodl.com/2023/10/05/crypto-analyst-says-bitcoin-btc-ready-to-target-new-highs-warns-of-chainlinks-link-final-correction/