Renowned crypto analyst and trader Michael van de Poppe suggests that the mid-cap altcoin Chainlink (LINK) may be preparing for a significant surge. According to the analyst, the native asset of the blockchain oracle network, Chainlink, is poised to make a big move against the crypto king, Bitcoin (BTC).
Altcoin on the Verge of an Explosion: Chainlink (LINK)
Crypto analyst and trader Michael van de Poppe stated on his personal account that the blockchain oracle network Chainlink could make a strong breakout against Bitcoin. The analyst suggests that although LINK revisited the lower end of a trading range between $7.27 and $5.50, it may be confirming its upward trend by forming a higher low against Bitcoin on the weekly timeframe.
Looking at the LINK/BTC chart shared by the analyst, if LINK manages to stay above 0.000216 BTC ($5.57) after rising to 0.000236 BTC ($6.08) against Bitcoin, it could confirm the bullish trend. According to CoinMarketCap data, LINK is currently trading at 0.000241 BTC ($6.17) against Bitcoin at the time of writing.
Analyst: Chainlink Has Yet to Price in CCIP Development
According to van de Poppe, the market has not yet priced in the Cross-Chain Interoperability Protocol (CCIP) launched by Chainlink in July. He added that CCIP, similar to Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, provides significant support for a bullish rise in the network. For those unfamiliar, CCIP aims to facilitate the creation of interchain applications and services, as well as enable simplified token transfers. In his LINK analysis focusing on CCIP, the analyst stated:
In fact, Chainlink is trading below its value compared to its future price due to this recent fundamental upgrade, as its valuation is still 85% lower than its all-time high (ATH). An ATH without CCIP integrated is not an ATH. Yes, it doesn’t mean that we have such a massive acceleration in price action, but one has to understand that the biggest profits and returns are made by buying in uncertain times. This is one of those times.
The analyst noted that Chainlink has been in the midst of a challenging battle for months, stating, “The horrible part is that Chainlink has been range-bound for 483 days, over 15 months, and in a downtrend against the LINK/BTC pair for over three years.”
