Bitcoin’s Rise Could ‘Pull’ Chainlink (LINK) to $80 – Crypto Analyst

Timothy Peterson, of Cane Island Alternative Advisors, has forecasted that Chainlink’s value could be boosted by Bitcoin’s current market momentum based on the correlation between these two assets. According to Mr. Peterson, if the LINK/BTC relationship is used as a guide, Chainlink could soon hit $80 due to Bitcoin thriving in the crypto markets. The latter asset is trading at $57k in what looks like consolidation in preparation to test $60k.
His analysis on Chainlink relative to Bitcoin was shared through the following statement and chart on the social media platform of Twitter.

#Bitcoin‘s rise could “pull” #ChainLink up to $80 in 30 days.

Bitcoin's Rise Could 'Pull' Chainlink (LINK) to $80 - Crypto Analyst 14

Tweets on Chainlink are Not Financial Advice
Mr. Peterson went on to remind his Twitter followers that his tweets should not be considered as financial advice. His analysis is purely for educational purposes and/or to point out observations about digital assets that he has made over time. His disclaimer regarding what he tweets can be found below.

What the Chart Say About Chainlink (LINK)
Earlier today, Chainlink took a brief nosedive to the $32 price area as a result of a crypto-wide pullback that led to $1.72 Billion in liquidations. Yesterday, and before the dip to $32, Chainlink had posted a new all-time high of $36.97 – Binance rate.

At the time of writing, Chainlink is trading at $34.32 in what looks like a rebound in a bid to either retest or exceed the newly set all-time high. Additionally, and as seen in the 6-hour LINK/USDT chart below, $32 is now an area of interest during tonight’s weekly close.

Bitcoin's Rise Could 'Pull' Chainlink (LINK) to $80 - Crypto Analyst 15

From the chart, the following can also be observed.

The current 6-hour Heiken Ashi candle is hinting at a fierce battle between bulls and bears regarding Chainlink’s next course of action
Trade volume has reduced with the 6-hour MACD hinting of a pending pullback in line with the weekly close
The 6-hour MFI and RSI are also pointing towards an ongoing correction
$32 is a short term support zone that should hold if Bitcoin provides a steady environment above $55k later tonight
Other support zones for Chainlink include $31.80, $31.30, $31, $29.80, $29, $28.60 and $27.40

Sourse: en.ethereumworldnews.com

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 81 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoi Price #BTC | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
Bitcoin Drops $14,000: Buy the Dip! (0)
Square saw 1 million users buy bitcoin for first time during January’s upswing, CFO says (0)
Warren Buffett: Forget Bitcoin and Buy These Stocks Instead (0)
177-Year-Old Swiss Bank Adds Bitcoin, Ethereum Trading (0)
MicroStrategy buys over $1bn worth of bitcoin (0)
$5 Million Worth of Satoshi-Era Bitcoins on the Move for the First Time (0)
Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO (0)
1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO (0)
Janet Yellen Warns Bitcoin Is 'Extremely Inefficient' and 'Highly Speculative' as BTC Price Plunges (0)
Elon Musk Sends Eggplant Emoji to Peter Schiff About Bitcoin, Here's What It Means (0)