One Ethereum-based alternative coin has received a trader’s forecasts. He claims that one of the alternative coins will see significant growth in the coming months. This one is the same trader that correctly predicted the end of the bitcoin bull market in 2017.
The Upside Potential of Chainlink (LINK)
Pentoshi is a well-known analyst who has 615,400 Twitter followers. He recently gave his audience some insight. He said that Chainlink (LINK), a decentralized oracle network, has displayed relative strength. He said this was in comparison to the more prominent cryptocurrency marketplaces.
Pentoshi claims that Chainlink is now trading at the same level that served as its starting point in December 2020. This was before its subsequent rally to its all-time high of $52.20.
LINK/USD price chart. Source: Pentoshi/Twitter
The going price for LINK was $7.79 when this article was published—an increase to Pentoshi’s target price of $12.45, as seen in the graph above. The increase suggests that the top oracle network has more than 60% upside potential.
After trading in a very narrow range for months, Pentoshi declares his beliefs. He thinks that the most widely used cryptocurrency, Bitcoin (BTC), is about to see some significant price changes.
According to Pentoshi, BTC’s supremacy and nature point to a substantial transition. Everything points in that way; thus, his forecast is based on that. He continued by saying that everything was now coming together. He said people must complain about over 2% improvements after sitting still for a month. He argues it’s time for things to become more unexpected.
A Prospective Reversal in Bitcoin’s Downward Trajectory
According to Pentoshi, there is a good chance that Bitcoin will climb higher. He believes the move will be based on the possible range of the significant shift’s direction.
These point to the emergence of a local short-term bottom, at the very least, according to him. His analysis indicates that a bear market rally is about to occur soon. Instead, he would buy at a level like this rather than short the security to reaffirm. He asserts that if there is a spot where he may mess up, they will find him here.
As can be observed from Pentoshi’s chart, a technical analysis pattern foretells a turnaround in the downward trend for BTC. It claims that a possible double bottom pattern is emerging for Bitcoin. This pattern demonstrates that Bitcoin is now trading above the level of its weekly support.
At this time, a Bitcoin is being purchased for $20,246. The current price represents a 3% growth over the day.