The analyst who accurately called the end of Bitcoin’s (BTC) bull market last year is predicting a considerable rally for one Ethereum-based (ETH) altcoin.
The pseudonymous analyst known in the industry as Pentoshi tells his 640,900 Twitter followers that decentralized oracle Chainlink (LINK) has one of the best-looking charts on a high timeframe perspective.
The crypto strategist also mentions that staking on Chainlink, which is slated for launch in December, will likely be the catalyst that pushes LINK to his target of $12.45.
“While people are quiet on it now, I don’t think that will be the case three to four weeks from now. Timeline [to target] four to five weeks.”
At time of writing, Chainlink is swapping hands for $7.77. A move toward Pentoshi’s target suggests an upside potential of over 60% for LINK.
Pentoshi is also keeping a close watch on the total market cap of crypto excluding Bitcoin and Ethereum. The index, which tracks the value of the altcoin markets, appears to have formed a short-term bottom, according to Pentoshi.
With a local bottom in place, the crypto strategist predicts the index could rally from its current level of around $387 billion to about $456 billion, suggesting that altcoins at large have significant room to grow.
“It like everything else formed it’s current bear market base directly on top of the 2017 all-time high. In saying that, there is a great chance we can see MANY not all rally back to August levels.”
Looking at Ethereum, Pentoshi says ETH has entered a new trading range.
“Flipped resistance to support so now $1,516 range low, $1,650 [range midpoint] and $1,783 range high.”
At time of writing, ETH is trading at $1,570, down 1.58% on the day.
As for Bitcoin, the crypto strategist says that he sees Bitcoin pulling back to establish a trap for BTC bears before launching a new rally.
“Wait for the $19,000 bottom bears to celebrate the first pullbacks in a week and then punish them again.”
At time of writing, Bitcoin is valued at $20,462, flat on the day.
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Source: https://dailyhodl.com/2022/10/31/top-analyst-predicts-strong-rally-for-one-ethereum-based-token-says-altcoin-markets-gearing-up-for-bounce/