CryptoSlate Reports:
A widely followed cryptocurrency analyst, after experiencing a significant adjustment, remains bullish on the decentralized oracle network Chainlink (LINK).
Cryptocurrency trader Michaël van de Poppe informed his 722,800 followers on the social media platform X that based on historical patterns, Chainlink may enter a bullish trend against Bitcoin (LINK/BTC) by year-end.
“LINK has repeatedly shown the same pattern. Six months of decline, followed by a bull market in the next six months. We are currently in the latter phase, slowly climbing upwards. The future looks promising.”
Source: Michaël van de Poppe/X
The analyst also noted that LINK is forming a bullish pattern against Bitcoin on the daily chart.
“LINK continues to show momentum as it continues to break through highs. It’s more important to watch Bitcoin pairs rather than USDT pairs, as BTC pairs more accurately define the strength of altcoins.”
Source: Michaël van de Poppe/X
At the time of writing, LINK is trading at 0.0002243 BTC ($13.11).
Finally, the analyst predicts that other altcoins will soon undergo a bullish reversal.
He mentioned that OTHERS, which tracks the market capitalization of all cryptocurrencies excluding the top 10 digital assets and stablecoins, has formed a double bottom bullish pattern against Bitcoin (OTHERS/BTC) on the weekly chart.
“You might wonder if we’re seeing another altcoin bull market emerging. I believe it’s right around the corner… Once we look at the OTHERS/BTC chart, we can see that, compared to Bitcoin, we’re experiencing a double bottom process, with altcoin valuations at their lowest in three years.”
Source: Michaël van de Poppe/X
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