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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Crypto Trader Offers Roadmap To Chainlink Buckling Against Bitcoin

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
chainlink bitcoin linkbtc

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Few coins in the crypto world have performed anywhere near as well as Chainlink – Bitcoin included. After nearly three steady years of overperformance against the most dominant cryptocurrency, LINKBTC could have also topped alongside the USD pair.

One top crypto trader with a track record of successful calls has shared a new chart outlining the path Chainlink could take before ultimately buckling against Bitcoin.

Crypto Trader Expects Chainlink To Collapse Against Bitcoin, Following Descending Triangle Pattern

What goes up must come down, as the saying goes. Chainlink’s historic run both against the dollar and Bitcoin is one for the crypto record books, as short as they may be. But it could have culminated over the hot summer months when LINKUSD hit $20, and LINKBTC topped out over 166,000 sats.

Since then, the LINKBTC trading pair fell over 50% from local highs to support. But each time support has been tested, it has resulted in an over 20% bounce.

A top pseudonymous crypto trader has shared a new chart on Twitter expecting that same support to be thoroughly tested until it finally breaks down.

chainlink btc bitcoin linkbtc

LINKBTC Weekly Descending Triangle Pattern Expected | Source: TradingView Via DonAlt on Twitter

The breakdown, however, won’t come without a bull trap before the end of what appears to be a descending triangle. A false breakout to the upside sets the stage for a bull trap that pulls prices much deeper, back to 35,000 sats, or roughly another 60% fall from support.

Related Reading | This Chart Suggests Chainlink’s Parabolic Rise Isn’t Finished

The total fall on the LINKBTC trading pair would represent a free fall of 78% from highs.

LINKBTC Could Continue To Fall, Statistics Show, But By How Much?

But that could not be the end of the downtrend for Chainlink, even if there’s a more significant bounce at that level. The case for why that is is in Bitcoin itself.

When any asset, crypto or otherwise, breaks its parabolic advance, statistics show that they typically retrace 80% or more. Peter Brandt, a career commodities trader, called Bitcoin’s bottom a year earlier using nothing more than his data alone.

Related Reading | Chainlink Following In 2017 Ethereum Footsteps Could Fuel Rise To $75

Bitcoin, in the end, fell 84% to its final low. Altcoins, however, had it a lot worse and dropped to as much as 99% in many cases.

The target for Chainlink, being far more promising than many of the altcoins of the crypto bubble, but not quite as fundamentally strong as Bitcoin yet, is likely somewhere in between the two extremes.

Featured image from Deposit Photos, Charts from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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