A well-known cryptocurrency trader claims that the decentralized oracle network Chainlink (LINK) is indicating a short-term bullish trend. Ali Martinez, who has a substantial following on the social media platform X, explains that the Tom DeMark (TD) Sequential indicator has recently signaled a buy for LINK on the daily chart. According to Martinez, this suggests the possibility of a one to four-day upswing. Traders rely on the TD Sequential Indicator to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.

Currently, LINK is trading at $13.81. As the 18th-ranked cryptocurrency by market capitalization, it has experienced a 4.5% increase in the past 24 hours. However, it has also seen a decline of almost 21% over the past week.

Martinez also provides an update on Bitcoin (BTC), stating that the leading cryptocurrency still has room for growth in the ongoing bull market. He points out that each Bitcoin bull cycle goes through a phase of euphoria, which typically signals a market top. However, Martinez believes that BTC has not yet reached this euphoric stage in the current cycle.

Furthermore, Martinez highlights that over 27,700 BTC, equivalent to approximately $1.72 billion, flowed into accumulation addresses when Bitcoin dropped below $63,000 this week.

At the time of writing, Bitcoin is trading at $63,262, experiencing a 3% increase in the past 24 hours. However, it has also seen a decline of nearly 10% over the past seven days.

It is important to note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when making high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this article was sourced, does not recommend buying or selling any cryptocurrencies or digital assets, nor does it serve as an investment advisor.