A crypto analyst who accurately called the bottom of the 2018 Bitcoin (BTC) bear market is bullish on an altcoin running on the Ethereum (ETH) network.
Pseudonymous analyst Bluntz tells his 232,400 followers on social media platform X that Chainlink (LINK) is showing multiple bullish reversal signals on the eight-hour chart.
The analyst predicts that LINK could rise to levels last seen in January 2022.
“Ok, LINK gained $13.9 for the last time and made the fifth wave down for C and also a beautiful bullish divergence in the high time frame.
I believe this is a big wave that is now low.
$20 on the way, RIP everyone who capitulated.”
Bluntz uses Elliott Wave theory, a technical analysis method that attempts to predict future price action by following the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset goes through a five-wave rally, with each wave having its own sub-waves.
At the time of writing, LINK is trading at $14.57, indicating an upside of more than 37% if Bluntz’s target is achieved.
Looking at smart contract platform Solana (SOL), Bluntz thinks the altcoin is gearing up to breakout against Bitcoin (SOL/BTC), indicating the US dollar pair is likely to see steep rallies.
“SOL/BTC is trying to break this latest bull flag after a few days of cooling.
When this 37 day range is broken, SOL goes crazy. It will probably be the steepest stage yet.
Don’t listen to the bear posters, fam, they hate money.”
At the time of writing, SOL/BTC is trading at 0.0017526 BTC ($75), very close to the trader resistance area at 0.0018 BTC ($77.06).
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Generated image: Midjourney