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Crypto analyst Rekt Capital, closely followed by cryptocurrency investors, shed light on the price movement of Chainlink (LINK) while commenting on the current state of the largest cryptocurrency Bitcoin (BTC).
Bitcoin’s Possible Scenario
Anonymous crypto analyst Rekt Capital expressed his expectation that Bitcoin will form a lower peak in the coming weeks, stating, “In 2019, BTC formed a lower peak at this same point in the cycle. If BTC forms a lower peak in the coming weeks, it will confirm that a potential higher peak will be revisited in the later stages of this cycle.”
The analyst emphasized that Bitcoin’s price is currently above the support band of the bull market, stating, “BTC has returned to the Bull Market Support Band consisting of moving averages and is attempting to go beyond them.”
Rekt Capital also shared a chart he called an update on the Bitcoin fractal, which indicates the potential formation of a downward trend, stating, “Update on the Bitcoin fractal with a bearish expectation.” The analyst’s bearish expectation Bitcoin fractal graph reveals that the price of the largest cryptocurrency is expected to fall below $20,000.
According to the latest data, Bitcoin is trading just above $27,000 with a 2.36% increase in the last 24 hours. The data shows that BTC has increased by 1.38% in the last 7 days.
“Chainlink Breaks the Downtrend”
Meanwhile, Rekt Capital, looking at the popular altcoin Chainlink, said that LINK has broken the downtrend in recent days and has enough room to move upward. The analyst said, “LINK has broken the macro downtrend.”
LINK, which has recorded an approximately 30% increase in the last 30 days, is currently trading at $7.73 with a 0.98% decrease in the last 24 hours.
