The cryptocurrency market is once again under the microscope as Michaël van de Poppe, a well-regarded crypto analyst, shares his insights on the potential of altcoins during a period of Bitcoin‘s price stagnation. Van de Poppe’s predictions spotlight the possibility of a significant uptick in the value of Chainlink (LINK), anticipating it could climb by 123% and hit a price range between $30 and $40 in the near future.
Chainlink’s Potential Breakout
Chainlink, which has been approaching a pivotal resistance level against Bitcoin, is expected to find a new, higher level of support before possibly escalating to 4500 satoshis. Despite a small market cap contraction, Chainlink’s price is nearing $18.12, showing signs of stabilization. Van de Poppe sees this as a prelude to a substantial price rally.
Bitcoin’s Influence on Altcoins
With Bitcoin’s minor retreat in price, currently hovering around $50,945, altcoins are gaining attention. Van de Poppe suggests that the slight dip in Bitcoin’s value could be a boon for select altcoins, including API3, which he identifies as a prime buying opportunity within its current price range. API3, another oracle service and a market competitor to Chainlink, is also experiencing a notable price drop, trading at $3.78.
Van de Poppe maintains an optimistic perspective on Bitcoin’s trajectory, hinting at a potential rebound after its minor pullback, which could signal a continued upward trend and offer a positive signal to investors. Despite not achieving the anticipated $53,000 mark, Bitcoin’s gradual pullback is seen as a mere hiccup in its overall growth narrative.