The analyst who accurately predicted the end of the Bitcoin (BTC) bull market last year is predicting a significant rally for an Ethereum (ETH)-based altcoin.
The pseudo-analyst known in the industry as Pentoshi tells his 640,900 Twitter followers that the decentralized oracle Chainlink (LINK) has one of the best charts in a high time perspective.
The crypto strategist also mentions that the move by Chainlink, which is scheduled to launch in December, is likely to be the catalyst that pushes LINK towards its target of $12.45.
“While people are calm about this now, I don’t think that will be the case in three or four weeks.” Chronology [to target] four to five weeks. »
At the time of writing, Chainlink is trading hands for $7.77. A move towards the Pentoshi target suggests more than 60% upside potential for LINK.
Pentoshi also closely monitors the total market capitalization of cryptocurrencies, with the exception of Bitcoin and Ethereum. The index, which tracks the value of altcoin markets, appears to have formed a short-term bottom, according to Pentoshi.
With a homemade bottom in place, the crypto strategist predicts that the index could recover from its current level of around $387 billion to around $456 billion, suggesting that altcoins in general have significant room for improvement. .
“Like everything else, the index formed its current bear market base directly from the highs of 2017. That being said, there’s a good chance we could see a LOT of rallies, not all, against the lows. ‘August. »
Looking at Ethereum, Pentoshi says that ETH has entered a new trading area.
“Resistance has turned into support, so now $1516 low range, $1650 high range. [range midpoint] and $1,783 top-end. »
At the time of writing, ETH is trading at $1,570, down 1.58% on the day.
As for Bitcoin, the crypto strategist says he sees Bitcoin pulling back to set a trap for BTC bears before launching a new rally.
“Wait for the bears at the bottom of $19,000 to celebrate the first draws in a week, then punish them again.”
At the time of writing, bitcoin is valued at $20,462, unchanged on the day.