A well-known cryptocurrency trader and analyst has made a bold prediction about the price of a Blue-Chip Altcoin, suggesting that it could increase by 150%. Michaël van de Poppe shared his bullish sentiment on the development of Chainlink (LINK) in a technical analysis released on June 21.
Van de Poppe expressed his belief that Chainlink is poised for an impressive rally, with the potential to reach new all-time highs. He pointed out that the current price action of the cryptocurrency, when paired with Bitcoin, resembles a pattern that has previously led to triple-digit price increases.
The expert highlighted the creation of a “very decent weekly candle” at the cycle low and suggested that a similar price pattern has resulted in a 150% recovery in the second half of the year in previous occurrences. His analysis led him to expect a similar outcome this time around.
At the time of publication, the price of Chainlink was $13.68, representing a 4.4% decrease in the last 24 hours. The highest price paid for Chainlink (LINK) was $52.70, recorded on May 10, 2021, making the current price 74.14% lower than the historical peak.
In a recent development, 21 million non-circulating tokens worth approximately US$300 million were unlocked in the Chainlink (LINK) ecosystem on June 21. This significant inflation in the supply of LINK could have economic effects that may influence the price of the token amid the liquidation.
It’s important to note that the views and opinions expressed in the article are for informational purposes only and should not be considered financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.