Popular crypto analyst Michaël van de Poppe is signaling a potential turnaround for Chainlink (LINK) in the coming months. After a significant price correction, van de Poppe sees historical patterns suggesting a bullish trend for LINK against Bitcoin (LINK/BTC) by year’s end.
On the social media platform X, van de Poppe shared his analysis with his 722,800 followers, highlighting a recurring pattern for LINK: a downward trend in the first half of the year followed by a bull run in the latter half. “We’re in the second six-month part and are slowly grinding upwards,” he stated, expressing optimism for LINK’s future performance.
Beyond the historical trend, van de Poppe identified a bullish technical indicator on the LINK/BTC daily chart. He emphasized the importance of analyzing altcoins (alternative cryptocurrencies) paired with Bitcoin (BTC) rather than Tether (USDT), a stablecoin. “It’s more important to watch the Bitcoin pair,” he explained, “as you’ll define the strength/weakness of altcoins more through the BTC pair.”
At the time of writing, LINK was trading at 0.0002243 BTC, equivalent to roughly $13.11.
Van de Poppe’s bullish outlook extends beyond ChainLink. He predicts a broader positive shift for altcoins in general. He pointed to “others,” a market capitalization index excluding the top 10 cryptocurrencies and stablecoins, which appears to be forming a bullish double-bottom pattern against Bitcoin on the weekly chart. “We’re having a double bottoming procedure and the lowest valuations of altcoins in three years, compared to Bitcoin,” he noted, suggesting a potential surge for altcoins on the horizon.
Van de Poppe’s analysis offers a positive perspective for Chainlink and the broader altcoin market, particularly in the latter half of 2024. However, it’s important to remember that cryptocurrency predictions are inherently uncertain, and investors should always conduct their own research before making investment decisions.
