An analyst, who is famous for his accurate Bitcoin prediction in 2022, expressed his bullish expectation about Chainlink (LINK), the popular altcoin of recent days.
The analyst, known to the market by the nickname DonAlt, said that Chainlink (LINK) is one of the “best looking altcoins”. According to DonAlt, Chainlink’s potential is quite attractive, especially in terms of price movement.
“I actually like this setup from LINK… I like having a product like this that has tested in range (supports and resistances) many times. Because if there is a break in the range, a very large movement occurs. That’s why I love LINK. If this happens, I think it could rise to $14 or so. Like 2x.”
LINK is trading at $7.72 at press time.
Another important point that DonAlt draws attention to is the view that the price movement of Chainlink (LINK) depends on the price movement of Bitcoin. Bitcoin is considered the defining force of the cryptocurrency market and often has a large impact on the prices of other crypto assets. Therefore, according to DonAlt, Chainlink’s future price performance will largely depend on Bitcoin’s price movement.
“It is now clear that if Bitcoin breaks down, so will it.”
DonAlt claims that there are two options regarding Bitcoin’s future prospects.
“It either gets rejected where it is now and then it goes down. And this is likely or very likely. However, if it goes towards $29,000 and closes at $29,000, I don’t think it will stop. Because this would be a huge recovery.”
You can follow the current price movement here.