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Bitcoin price has finally returned above $44,000, and whether it can maintain this level will determine the fate of altcoin rallies. Before this exciting comeback, we saw a drop to $40,000 due to strong employment data and Federal Reserve concerns. Now, amidst increasing optimism for ETF approval, investors’ appetite for risk is growing.
Chainlink (LINK)
Profit-taking seems to be preventing BTC from staying above $44,000 for now, but altcoin investors remain hopeful. LINK Coin has shown an increase since hitting a low of $4.9 in June. The rise accelerated in September, and the price broke free from a long-term downtrend line the following month. Two weeks ago, the price exceeded $17.3, reaching the 2023 peak after surpassing the 900-day resistance.
After peaking, the price created a bearish engulfing candle last week for the first time since August. The RSI is still weak, but if BTC remains strong, a reversal of the downtrend is possible. The price is currently struggling to hold above $14.6.
LINK Coin Price Target
Elliott Wave Theory is widely used by cryptocurrency investors. The most likely count shows a five-wave rise, which LINK Coin has now completed. This means we are expecting a significant price correction.
However, popular crypto analyst The CryptoBull seems confident that LINK Coin’s price will rise despite the weakening bullish outlook.
“If you’re emotional about LINK price, place a sell order at $250, delete the relevant apps, enjoy life, come back in at most 1-2 years and collect your money when your order is executed”.
Another analyst, Steve, is also among those expecting a rise. Grayscale Chainlink Trust is currently around $50, and he believes the spot price could catch up in the short term. While the $250 target is ambitious, even $50 would mean a massive increase. However, considering many cryptocurrencies have increased more than 20-fold this year, it may not be impossible.
In any case, if the count is correct, LINK has started an A-B-C corrective structure and could technically drop to between $12.5 and $11.05 in the short term. Despite this short-term bearish LINK price forecast, surpassing the annual high could make $20 a short-term peak.
