An analyst who accurately predicted the crypto bottom in November of 2022 is expressing bullish sentiment on Chainlink (LINK) as it trades in a long-running range.
Pseudonymous analyst DonAlt tells his 53,400 YouTube subscribers that Chainlink is one of the “best-looking altcoins” in regards to price action.
“I actually like this setup of LINK… I like whenever you have a range like this that gets tested so many times. Because if you get a range breakout, you get quite the move. So I like LINK. I think that if that breaks out, it could go to like $14 or whatever. As in like a 2x.”
LINK is worth $7.72 at time of writing.
DonAlt also says that a lot of Chainlink’s future price action is dependent on the price action of Bitcoin (BTC).
“Now obviously if Bitcoin breaks down, it’s going to break down too.”
On Bitcoin’s prospects going forward, DonAlt says there are two options.
“Either it gets rejected where it is right now and then it comes out down. And this is likely or very possible. But if it goes towards $29,000 and closes at $29,000, I don’t think it will stop. Because that’s too much of a reclaim.”
BTC is trading at $27,672 at time of writing.
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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 loses 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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Source: https://dailyhodl.com/2023/10/06/trader-who-predicted-2022-crypto-bottom-says-chainlink-link-could-explode-2x-but-theres-a-catch/