Renowned crypto analyst DonAlt, who gained fame by accurately predicting the bottom of the crypto market in November 2022 and the price level at which it would hit the bottom, has revealed his bullish outlook for the popular altcoin Chainlink (LINK). The analyst also shared two potential scenarios for Bitcoin (BTC).
Anonymous crypto analyst DonAlt believes that Chainlink is one of the most promising altcoins in terms of price movement. In his comments about LINK, the analyst stated, “I really like the technical outlook for LINK. I like having a range that has been tested many times. If there is a range breakout, there will be a significant move. That’s why I like LINK. If this range is broken, it could reach $14, doubling its value.”
DonAlt also emphasized that the future price movements of Chainlink are largely dependent on what the largest cryptocurrency, Bitcoin, will do, stating, “Obviously, if Bitcoin crashes, so will Chainlink.” LINK, which is on DonAlt’s radar, is currently trading at $7.51, down 2.28% in the last 24 hours.
Meanwhile, DonAlt highlighted two possible options for Bitcoin. The analyst made the following remarks about these two options:
Either it retraces from its current position and heads downwards, which is likely and possible. Or it goes towards $29,000 and if it closes above $29,000, I don’t think it will stop there. Because that will be a massive recovery and it will continue its path after this recovery.
According to CoinMarketCap data, BTC is currently trading above $27,000, down 2.24% in the last 24 hours, at $27,394.