The losely followed crypto analyst and trader, Inmortal, made further bullish predictions for the largest altcoin Ethereum (ETH) and the 10th largest altcoin Chainlink (LINK). The analyst also issued a warning against short positions for the largest cryptocurrency Bitcoin (BTC).
According to the Analyst, ETH and LINK Prices Will Continue to Rise
The anonymous crypto analyst and trader Inmortal stated on his personal account on the social media platform X (formerly known as Twitter) that the price of the altcoin king Ethereum has broken out of a triangle formation on the four-hour time frame chart.
According to Inmortal, ETH is likely to make a permanent breakout this time, stating, “Ethereum is ready for an uptrend. It seems like this time it will make a real, permanent rise.” At the time of writing, the price of ETH is trading at $2,162 with a 3.63% increase in the last 24 hours.
Analyzing the largest decentralized oracle network Chainlink after Ethereum, the analyst stated that LINK has broken out of the ascending triangle formation and appears ready to reach its $17 target, saying, “The price will continue to rise.” At the time of writing, the price of the altcoin is trading at $16.06, which is very close to the target level expected by the analyst, with a 2.35% increase in the last 24 hours.
Warning Against “Short” Positions for Bitcoin
Lastly, Inmortal, looking at Bitcoin, noted that the largest cryptocurrency has been moving within a strong uptrend for the past one and a half months and has formed multiple consecutive rising bottoms. The analyst issued a warning against short positions due to the current outlook of BTC and said the following:
The idea of opening a short position against the current trend in Bitcoin is not a good one. All short positions opened in the last 45 days have either been closed, liquidated, or are currently in a loss. The Bitcoin market continues to form rising bottoms.
The price of BTC is trading above $39,000 with a 1.94% increase in the last 24 hours, at $39,521.
