Anonymous crypto analyst and trader, Inmortal, made positive remarks about the altcoin, Chainlink (LINK), stating that it is a strong long-term investment amidst the ongoing bear market. The analyst also commented on the current outlook for the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Crypto analyst Inmortal says that investors have not shown enough interest in the decentralized oracle network, Chainlink. The analyst shared a chart showing how LINK has formed a bottom since May 2022 and indicates that this altcoin can generate significant gains when it breaks out of its consolidation range:
LINK is one of the most obvious players in this bear market and has been overlooked due to the patience it requires. Be ready to hold for one to two years.
In technical analysis, traders and investors have a saying, “the longer the formation of a bottom, the more open the path is for the price.” This indicates that assets that spend a lot of time forming a bottom tend to ignite stronger and longer-lasting rallies when they break out of the range.
With the latest data, LINK is trading at $7.90 with a 2.90% decrease in the last 24 hours. The data indicates that LINK has increased by 4.72% in the last 7 days and 6.49% in the last 30 days.
Looking at Bitcoin after Chainlink’s LINK, Inmortal predicts that the largest cryptocurrency is currently positioned for a strong increase, saying, “Is $20,000 coming? No, it was all a nightmare, brother. The next target for BTC is $40,000.”
Lastly, looking at Ethereum, Inmortal expects the largest altcoin to make an upward explosion against both the US dollar and Bitcoin (ETH/BTC) in the coming months.