Cryptocurrency analyst and trader Michaël van de Poppe is turning bullish on decentralized oracle provider Chainlink (LINK).
Van de Poppe tells his 685,200 followers on social media platform X that LINK could rise more than 90% from its current value.
“LINK appears poised for continuation after clearing the lows. As long as it stays above $13.50-14.25, everything will probably continue towards $25-30.”
Looking at his chart, the trader suggests that in the short term LINK could soon break above the $16 level, drop below $15 and then bounce back above the $18 level.
LINK trades for $15.72 at the time of writing, up nearly 3% over the past 24 hours.
Next, the trader believes that Ethereum (ETH) may have entered an uptrend against Bitcoin (ETH/BTC).
“Ethereum’s strong rebound translates into a likely uptrend. It is necessary to break above 0.06 BTC to ensure the trend can continue, but the weekly bullish divergence identifies that there will be substantial strength in the coming months.
ETH/BTC I traded for 0.05924 BTC ($2,530) at the time of writing.
The trader also updated his outlook on Bitcoin a week after the launch of BTC spot exchange traded funds (ETFs).
“Bitcoin is eager to consolidate within this range, while the ETF hype is slowly fading. The ETF launch was one of the best performing launches in terms of net inflow and volume and will be seen in the coming years. Potential resistance at $46,000 and support at $39,000-$41,000.
Looking at his chart, the trader suggests that Bitcoin could soon break above $45,000 and then test the $39,000 level again around March and April, at which point it could then move higher to break above the $42,000 level around May.