The cryptocurrency market continues to fluctuate back and forth. Bitcoin, the leading crypto, is hovering around $64,000, while altcoins have a mixed outlook. In a market dominated by uncertainty, an analyst with a large following has outlined the potential path forward for Bitcoin and the leading altcoin Ethereum. In addition, the analyst expresses bullish sentiment on a leading Bloclchain oracle.
Analyst: LINK mimics an earlier rally pattern!
As you have been following from Kriptokoin.com, the search for new direction continues. Although the excitement around the Spot Ethereum ETF has increased with new developments, it is insufficient to move the market forward. However, analysts are expressing bullish sentiments for some tokens. Popular analyst Michaël van de Poppe says that the price action of Chainlink (LINK) against Bitcoin is currently mimicking a pattern that previously led to a triple-digit percentage point rally. In this context, the analyst makes the following statement:
A similar price pattern has occurred in previous years and resulted in a 150% rally in the second half of the year. I expect the same from LINK now.
Meanwhile, Chainlink is trading at 0.0002254 BTC at the time of writing. The altcoin is down 4.9% on the daily chart, changing hands at $13.62. The token lost nearly 8% on its weekly chart.
“Leading altcoin shows resistance against BTC!”
The analyst then looks at the leading altcoin Ethereum. According to Van de Poppe, Ethereum is showing some resistance against Bitcoin even as crypto “markets continue their downward slide”. Accordingly, the analyst says that Ethereum will be “fine” as long as the ETH/BTC support level of around 0.05 BTC is maintained. In addition, the analyst states that it will start to rise.
Ethereum, meanwhile, was trading at 0.0546 BTC at the time of writing. The leading altcoin was changing hands at $3,488 with a flat course on the daily chart. ETH lost 1.6% on a weekly basis.
A reversal for Bitcoin is on the horizon according to the analyst!
Finally, the analyst discusses the leading cryptocurrency Bitcoin. Michaël van de Poppe says that Bitcoin will potentially bottom at $63,000-$65,000 before turning upwards. In this context, the analyst says, “The reversal is on the horizon.”
Bitcoin, meanwhile, was trading at $64,246 at the time of writing. Van de Poppe also assesses the broader crypto market. “For the first time in many years, I am very excited about the future of crypto. There are a lot of great technological advances and breakthroughs happening this cycle. So I expect massive mass adoption to start happening soon, so pack your bags and wait.”
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