Top Crypto Analyst Predicts Massive Rally for Ethereum-based Altcoin, Says Bitcoin in Line for Strong Move
The trader who predicted the end of last year’s crypto bull market says he sees an Ethereum (ETH)-based altcoin posting massive gains in the coming months.
Closely followed analyst Pentoshi tells his 615,400 Twitter followers that decentralized oracle network Chainlink (LINK) has shown relative strength versus the broader crypto markets.
According to Pentoshi, Chainlink is currently trading at a level that served as a rallying point in December 2020 before rising to an all-time high of $52.20 the following year.
“Above average charts on high time frame see USD support [US Dollar] couples dating back to 2020. Will look for this as a mid-term play leading into [staking in December].”
At the time of writing, LINK is changing hands for $7.79. A move to Pentoshi’s target of $12.45, as shown in the chart above, suggests a nearly 60% upside potential for the top oracle network.
Looking at Bitcoin (BTC), Pentoshi says the royal crypt is preparing for wild price swings after months of trading within a narrow range.
“When you look at the BTC dominance and BTC itself, everything suggests that we are about to have a pretty strong move.
Everything is currently in a queue. After a month of virtually nothing except us yelling at each other over 2% moves, it’s time for some volatility.”
As for the possible direction of the big move, Pentoshi believes Bitcoin is likely poised for a swing to the upside.
“In my opinion, this is a sign of near-term bottoming happening at least locally. Bear market rally is getting ready for production soon, in my opinion. Once again. I’d rather be a buyer at a level like this than short . If there’s a great place to be wrong for me, it’s here.”
According to Pentoshi’s chart, Bitcoin is trading above its weekly support level while forming a possible double bottom pattern, a technical analysis formation that suggests a reversal in BTC’s downtrend.
At the time of writing, Bitcoin is changing hands for $20,246, up 3% on the day.
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Featured image: Shutterstock/Mia Stendal
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