A widely followed crypto analyst believes that an Ethereum (ETH)-based altcoin project is about to have an explosive rally against Bitcoin (BTC).
Crypto strategist Michaël van de Poppe tells his 699,900 followers on the social media platform X that the decentralized oracle provider Chainlink (LINK) versus Bitcoin (LINK/BTC) may be printing a bullish reversal pattern.
“Chainlink is still at cycle lows, in the BTC pair. This is very likely going towards a test of the all-time high once this pair reverses.”
Looking at his chart, the trader suggests that LINK/BTC is printing a higher low price at 0.0002991 BTC ($20.15) and may soon cross a key resistance level at 0.0004480 BTC ($30.18).
Ultimately, the trader predicts that LINK/BTC will soar by more than 440% to reach the all-time high of 0.00161211 BTC ($109.12) set in 2020.
LINK/BTC is trading for 0.0002983 BTC ($20.08) at time of writing, up more than 2% in the last 24 hours.
The trader also believes that the total market cap for altcoins could grow in 2024 from about $672 billion to nearly $1 trillion.
“There’s still around 40%-60% market capitalization to gain for the altcoins. That’s going to be a fun ride for the altcoins in the coming period.”
He predicts that Bitcoin will cross the $70,000 level later this month and traders will move their profits into altcoins, sparking massive rallies.
“Big macro-economic events on the horizon, I’m expecting that we’re likely going to take the liquidity above the highs and fall back for Bitcoin. In the meantime: Altcoins firing up!”
