One of the most prominent cryptocurrency analysts has become bullish on decentralized oracle network Chainlink (LINK) following its massive sell-off.
Cryptocurrency trader Michaël van de Poppe told his 722,800 followers on social media platform X that based on past patterns, Chainlink could enter an uptrend against Bitcoin (LINK/BTC) before the end of the year.
“LINK has seen the same pattern over and over again. The first six months were bearish, the second six months were bullish. We are in the second six-month period and are slowly moving up. There are good times ahead.”
The analyst also said that LINK is showing a bullish pattern against Bitcoin on the daily chart.
“LINK continues to show momentum as it continues to break out of its highs. It is more important to watch altcoins paired with Bitcoin than with USDT pairs, as the strength/weakness of the altcoin can be better defined through the BTC pair.”
At the time of writing, LINK is trading at 0.0002243 BTC ($13.11).
Finally, the analyst predicts that other altcoins will soon see a bullish reversal as well.
He suggests that OTHERS, which tracks the market cap of all cryptocurrencies excluding the top 10 digital assets and stablecoins, is forming a bullish double bottom pattern against Bitcoin (OTHERS/BTC) on the weekly chart.
“You might be wondering if another bull run for altcoins is coming. I think it is on the horizon… If you look at the OTHERS/BTC chart, you can see that there is a double bottom process and the lowest valuation for altcoins in 3 years compared to Bitcoin.”
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