The cryptocurrency analyst who correctly called the bottom of the Bitcoin (BTC) bear market in 2018 is bullish on the altcoin running on the Ethereum (ETH) network.
Chainlink (LINK) is flashing multiple bullish reversal signals on the 8-hour chart, pseudonymous analyst Bluntz told his 232,400 followers on social media platform X.
Analysts predict that LINK could rise to levels last seen in January 2022.
“Okay, LINK swept $13.9 one last time and created the fifth wave of C and also created a beautiful high time frame bullish divergence.
I believe this is a major wave currently at the 4th low.
20 dollars on the way, kill anyone who surrenders.”
Bluntz utilizes Elliott Wave theory, a technical analysis method that attempts to predict future price movements by following crowd psychology, which tends to appear in waves. The theory is that bullish assets go through five-wave rallies, with each wave having its own sub-wave.
As of this writing, LINK is trading at $14.57, implying a surge of more than 37% if Bluntz’s target is reached.
Looking at smart contract platform Solana (SOL), Bluntz believes the altcoin is poised to break out against Bitcoin (SOL/BTC), indicating that the US dollar pair is likely to see a steep rally.
“SOL/BTC is trying to break its most recent bullish flag after cooling off for a few days.
Once this 37-day window is broken, SOL will send a gigasend. Probably the steepest bridge.
Don’t listen to the Bear Foster family. “They hate money.”
At the time of writing, SOL/BTC is trading at 0.0017526 BTC ($75), which is very close to the trader’s resistance area of 0.0018 BTC ($77.06).
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