The cryptocurrency market has a constantly changing and evolving structure. In this dynamic environment, many investors and analysts use various analysis methods to predict the future performance of different digital assets. In this context, Michaël van de Poppe is known as a crypto analyst who stands out for his expertise and successful track record. Poppe explained that he had an optimistic view that Chainlink (LINK) pointed to a new upward move that could start in the coming period and attracted attention.
The most important factor that caught Van de Poppe’s attention is LINK’s strong performance against Bitcoin (LINK/BTC). The strong performance of the LINK/BTC pair has led the analyst to be optimistic that LINK may break resistance levels and gain further value against Bitcoin.
“In 2019-2020, [BTC] We saw that there were significant breaks before the halving event took place. Chainlink rose from $1.60 to $5 just before the Bitcoin halving event. “Now we are moving from $6 to $18, maybe even $20, we could have a correction and then another run to the highs (around $35.34), which means you should see the strength of Chainlink against Bitcoin.”
At the heart of the analysis is LINK’s process of turning a significant resistance level into a support level against Bitcoin. This means that LINK may have a stronger and more stable performance than other assets in the crypto market. The crypto analyst thinks that although the altcoin price is currently experiencing a short-term correction, it has further upside potential overall.
“Over the past few weeks we have seen a pretty intense rally in Chainlink against Bitcoin… You can see that the trend has changed in the Bitcoin pair and this has also happened in the previous cycle…
NEWS CONTINUES BELOWWhen an altcoin finds itself at a higher time frame support (as we can see here with Chainlink vs Bitcoin) it is a good moment to start reallocating money to the altcoin. In this case, we retest and wait for new highs to form, creating higher lows (new lows higher than the previous low) and higher highs (new peaks higher than the previous high level).”
Another altcoin on the popular analyst’s radar is layer 2 blockchain Arbitrum. Van de Poppe states that Arbitrum’s bullish trend towards Bitcoin has reversed. Stating that Arbitrum has created a large uptrend by showing a strong performance against BTC, van de Poppe explains that he is currently receiving signals that the trend may reverse. This situation creates uncertainty about the future movement of the market and leads investors to be cautious.
“Arbitrum, this is creating a major bullish trend and the indication is that we may start to reverse the trend from here.”
On the other hand, Optimism’s situation paints a more positive picture. Van de Poppe states that Optimism has entered a consolidation process after its great performance against BTC. According to the analyst, Optimism is now likely to complete its accumulation period and start a new uptrend. This may contribute to a positive atmosphere in the market and increase investors’ confidence.
“[ Optimism] “After a big jump upwards, it experiences a consolidation, starts another uptrend, and will most likely complete the entire accumulation period here and start a new uptrend.”
You can follow the current price movement here.