A popular crypto analyst claims that the popular altcoin Chainlink (LINK) could see short-term losses as it prepares for even bigger returns.
Crypto trader Kevin Svenson has 109,500 Twitter followers that if Ethereum (ETH) drops to the $500-700 range, LINK will fall accordingly to the $2.00-3.00 region. told.
“In the next few years, [2-3 dolar arasında LINK] If you buy it, that’s a 100x return on Chainlink. You better be prepared in case these prices pop up.
I avoid most altcoins at the moment. The reason I mention ETH and LINK as good opportunities is because they are the most adopted projects in the entire industry. […] Long-term potential.”
Svenson’s 100x forecast on Cahinlink (LINK) appears to be based on its performance from April 2019 to May 2021, when the altcoin price rose 13,200% to an all-time high of $53.
LINK, the 24th ranked crypto asset by market cap, is trading at $6.68 at the time of writing. Ethereum-based decentralized data streaming and Oracle platform have dropped more than 4% in the last 24 hours. Ethereum, on the other hand, is trading at $1,224, down about 0.46% on the day.
Besides, Svenson believes that the general crypto bear market, which has affected Bitcoin and altcoin prices, will continue in the short term.
“We have seen a historic Disruptive Domino Effect unfold in this crypto bear market. An overly leveraged market that started with LUNA creating downward pressure, BTC miners capitulating, then this spread to one lending platform after another.
It’s hard for me to believe this will all end now without more pain. […] But the good news is that events like this are the usual signs of a cycle bottom.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.