A prominent figure in the cryptocurrency analysis sphere is expressing a newfound optimism for the decentralized oracle network, Chainlink (LINK), following a significant price drop. Noted crypto analyst Michaël van de Poppe has shared with his substantial following of 722,800 on social media platform X that, if past trends are any indication, Chainlink is poised for an upward trajectory against Bitcoin (LINK/BTC) as the year draws to a close.

“History seems to repeat itself for LINK. A downward trend in the first half of the year is often followed by a bullish second half. We’re currently in the latter phase, witnessing a gradual ascent. Anticipate prosperous developments ahead.”


Source: Michaël van de Poppe/X

Van de Poppe further observes that LINK is exhibiting a bullish formation in its daily trading pattern against Bitcoin.

“The momentum for LINK persists as it consistently surpasses previous highs. When assessing the strength of altcoins, it’s crucial to consider their performance against Bitcoin rather than the USDT pair.”


Source: Michaël van de Poppe/X

At the moment of writing, LINK’s exchange rate stands at 0.0002243 BTC, equivalent to $13.11.

In addition, the analyst forecasts a bullish turnaround for other alternative cryptocurrencies in the near future.

He points out that OTHERS, an index representing the market capitalization of all cryptocurrencies excluding the top ten and stablecoins, is demonstrating a bullish ‘double bottom’ pattern against Bitcoin (OTHERS/BTC) on the weekly chart.

“The prospect of another altcoin bull market may seem uncertain, but signs point to its approach. A glance at the OTHERS/BTC chart reveals a ‘double bottom’ formation, indicating the lowest altcoin valuations in three years relative to Bitcoin.”


Source: Michaël van de Poppe/X

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