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Analyst: After A 50% Retrace Against Bitcoin, Chainlink Is “Ready” To Soar

Tony Spilotro by Tony Spilotro
1 year ago
in LINK
Reading Time: 3 mins read
Advertisement

All the way up until around mid-2020, Chainlink was the hottest crypto token around. But once Bitcoin broke above $10,000 months ago, the altcoin’s uptrend against the top cryptocurrency was broken.

Following a full 50% retrace of the rally against BTC, Chainlink is now “ready to continue,” according to one crypto analyst. Here’s what that could mean for both cryptocurrencies in the days and weeks ahead.

Chainlink Continuation Likely, As Crypto Market Catches Fire

Chainlink is up nearly 15% intraday today already, with hours left to go before the daily close. The move sent the altcoin to the highest point in USD value since its all-time high was set earlier this year.

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Chainlink spent the last two years running as the crypto market’s top performer. But as soon as Bitcoin had its major breakout, the decentralized oracle token began to sink and retrace its epic rally.

Related Reading | Shark Tank Investor Slams Bitcoin, Crypto: “Not An Institutional Product”

But according to one analyst and their take on the LINKBTC pair, the altcoin is down but not out, and is “ready to continue” its rally following a 50% retrace against Bitcoin.

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The 0.5 and 0.618 Fibonacci retracements levels often act as a critical point where reversals take place and is precisely where the LINKBTC pair began to turn around. Does this mean Chainlink will go back to outperforming Bitcoin or is something else going on?

bitcoin altcoins chainlink link btc

LINK outperformed BTC for nearly two years. Could that trend continue from here? | Source: LINKBTC on TradingView.com

Will Bitcoin Allow Altcoins To Shine Once Again?

At the peak of the 2017 Bitcoin rally, the top cryptocurrency reached $20,000 and became too expensive for the average retail investor to purchase one full BTC. It led to the investor class looking towards altcoins that could someday follow in Bitcoin’s footsteps.

Ethereum, Litecoin, XRP, and just about every other coin aside from Bitcoin exploded in value, but at the same time popped the crypto bubble of that year.

Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins

Crypto is bubbling back up, and this time, things are quite different for Bitcoin who is now being bought up by the wealthy with money to spare.

And with Bitcoin now returning to prices that are out of reach for the average investor, altcoins are suddenly becoming much more attractive once again.

After such an enormous rise in Chainlink, a breakdown from its parabola should have resulted in as much as an 80% correction, much like Bitcoin suffered during its bear market. But because Bitcoin and the rest of crypto is so bullish, the rising tide is lifting the Chainlink boat also.

How buoyant the altcoin is from here, remains to be seen.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinsbitcoinbtcbtcusdBTCUSDTchainlinkcryptoLINKBTCLINKUSDlinkusdtxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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