Analyst Michaël van de Poppe predicts a 90% rally for the top 20 Ethereum-based altcoins and updates the outlook for Bitcoin
A widely followed cryptocurrency analyst and trader believes a top 20 altcoin project is poised to take another step higher.
Michaël van de Poppe tells his 692,300 followers on the social media platform X that the decentralized oracle network Chainlink (LINK) could rise by around 90% from its current value.
“Chainlink is still stuck in a range but is likely to break out higher. Why?
– Brought liquidity to $12.20 through the decline.
– Multiple resistance tests.
– BTC pair hits bottom.
– ETH is starting to wake up.
It is likely that we will see $25 to $30 in the coming months.”
Source: Michael van de Poppe/X
A look at its chart shows that LINK has made four tests of the key resistance level around $16.54 since November, suggesting that it could soon turn this level into support if it makes another attempt.
Chainlink is trading for $15.57 at the time of writing.
Next, the trader predicts that Bitcoin (BTC) will test higher levels again before the April halving, where miners' rewards will be halved. He predicts that altcoins will outperform the crypto king in the same period.
“Bitcoin has taken liquidity above its peak and is likely to consolidate. Overall, it seems likely that a new pre-halving test will occur at $48,000-$50,000 and altcoins will outperform tremendously during this time.”
Source: Michael van de Poppe/X
The trader lays out a longer-term outlook for Bitcoin, predicting that BTC could rise to its previous new all-time high in 2025 after breaking out of a 2024 trading range.
“[This] The scenario is still based on Bitcoin.”
Source: Michael van de Poppe/X
Looking at his chart, the trader believes Bitcoin could reach $68,000 in the first half of next year. He also suggests that Bitcoin could rise to $50,000 before the halving and then fall to $39,129 before rallying again.
Bitcoin is trading at $42,439 at the time of writing, down more than 2% in the last 24 hours.
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