The cryptocurrency market has been tough for investors this week. However, market players are taking their positions for the coming days. Popular cryptocurrency analyst Michaël van de Poppe evaluated the latest developments in the market. The analyst is bullish on decentralized oracle network Chainlink (LINK). Additionally, the analyst predicts that the leading altcoin Ethereum will gain strength against Bitcoin.
According to the analyst, LINK will make a 90% jump!
cryptokoin.comAs you follow from , sales accelerated in the market towards the end of the week. Bitcoin and many altcoins witnessed sharp sales. However, this is not a very rare event for the crypto market. Despite this, analysts are adjusting their positions for the next upward move. Popular crypto analyst Michaël Van de Poppe says Chainlink (LINK) could rise more than 90% from its current value. In this context, the analyst makes the following statement:
LINK looks ready to continue after sweeping the lows. As long as LINK stays above $13.50-14.25, things could continue towards $25-30.
Based on its chart, the analyst suggests that in the near term, LINK could soon surpass the $16 level, fall below $15, and then rally above the $18 level. Meanwhile, LINK was trading at $14.92 at the time of writing, down approximately 0.48% in the last 24 hours. The altcoin is still in the green zone on its weekly chart. Thus, it differs marginally from many cryptocurrencies.
The leading altcoin will gain strength against Bitcoin!
The analyst then looks at the leading altcoin Ethereum (ETH). Michaël van de Poppe predicts that Etheruem has entered an uptrend against Bitcoin (ETH/BTC). In this regard, the analyst shares the following assessment:
The strong bounce from Ethereum has sparked a possible uptrend. It needs to surpass 0.06 BTC to make sure the trend can continue. However, the weekly bullish divergence indicates that there will be significant strength in the coming months.
Meanwhile, ETH/BTC was trading at 0.05924 BTC ($2,530) at the time of writing.
Michaël van de Poppe updates his Bitcoin outlook
The analyst recently updates his perspective on Bitcoin, a week after the launch of spot BTC exchange-traded funds (ETFs). Predicting that it will lose power against the leading altcoin, the analyst says the following about Bitcoin:
Bitcoin is willing to consolidate in this range, ETF excitement is slowly fading. The launch of the ETF was one of the best performing launches in terms of net inflows and volume and will continue to do so for years to come. Potential resistance lies at $46,000, while support lies at $39,000-$41,000.
According to his chart, the analyst suggests that Bitcoin could soon rise above $45,000 and then retest the $39,000 level in March and April, at which point it could move upwards past the $42,000 level around May. Meanwhile, Bitcoin was trading at $40,500, down 4.5% in the last 24 hours. The leading cryptocurrency lost more than 7% in its weekly chart.
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