The decentralized oracle network, which has become an important part of the DeFi ecosystem with just a few hours left until the Bitcoin halving event Chainlink (LINK), attracts great attention.
Currently trading at $13.21, LINK has fallen 26% in the last seven days. The 24-hour trading range is $12.84 to $13.94 and the 7-day trading range is $12.25 to $17.75.
Despite the recent downward trend, many experts and analysts are particularly concerned about the upcoming Bitcoin In light of its halving, he is optimistic about Chainlink’s future prospects.
Chainlink Price Forecast for April
Changelly experts offer a forecast for April 2024 based on LINK price fluctuations in early 2023. They expect the average LINK price to be around $15.71. In this context, they predict that the minimum price may be $13.23 and the maximum price may be $18.18.
While these predictions point to a modest growth trend for LINK, they show that the price on May 10, 2021, when Chainlink reached its all-time high of $52.70, is still a distant target.
However, the upcoming Bitcoin halving event could accelerate LINK’s growth potential and trigger a bullish market sentiment that could put the $20 level within reach.
Potential Impact of Bitcoin Halving on LINK
Analyst Michaël van de Poppe says Chainlink is a big coin to watch out for in this BTC valuation he tweeted.
#Chainlink is such a massive one to look for at this BTC valuation. pic.twitter.com/L3DdqaQQq2
— Michaël van de Poppe (@CryptoMichNL) April 18, 2024
As Koinfinans.com reported, the Bitcoin halving, which occurs approximately every four years, has historically been a catalyst for bullish sentiment across the market. The halving reduces the reward for mining new Bitcoin blocks by 50%, thus reducing the supply of new Bitcoins entering circulation. Due to this decrease in supply and steady or increasing demand, the price of Bitcoin often rises, thus positively impacting the broader cryptocurrency market.
If Bitcoin experiences a significant price increase following the Halving, Chainlink is likely to benefit from increased investor interest and market momentum. In fact, Changelly’s long-term forecast suggests that LINK could reach the $20 mark by January 2025. However, if the market becomes extremely bullish after the halving, this goal may be reached much sooner than expected.
