The analyst, who correctly predicted the end of Bitcoin’s bull market last year, made a new prediction. The analyst predicts a massive rally for this Ethereum-based (ETH) altcoin. According to the cryptocurrency analyst, ETH-based altcoin projects could profit in the bear market.
Recognized analyst closely follows altcoin markets excluding BTC and ETH
The analyst, known in the industry for Pentoshi, shared his predictions with his 640,900 followers on his Twitter account. He says that the decentralized Oracle Chainlink (LINK) has one of the best looking charts when looking at the high timeframe. The crypto analyst also thinks that investing in Chainlink, which is scheduled for launch in December, will have an impact. He also talks about his expectations that it will be a catalyst pushing LINK to its $12.45 price target. Pentoshi includes the following statements in his post:
I think that if people are quiet now, that won’t be the case in three to four weeks from now. It takes four to five weeks (to set the target) to keep track of the time.
$LINK
Imo one of the best looking charts on HTF's WITH a catalyst coming up in a month (multiple pair confluence)While people are quiet on it now. I don't think that will be the case 3-4 weeks from now
Timeline 4-5 weeks pic.twitter.com/kTkmnVzvpX
— Pentoshi 🐧 (@Pentosh1) October 29, 2022
As we have reported as Kriptokoin.com; Chainlink is up 6.58% in the last 24 hours. LINK is currently trading at $8.07. A move towards Pentoshi’s target indicates over 60 percent upside potential for LINK. Pentoshi also closely monitors the total market cap of altcoins, excluding Bitcoin and Ethereum. According to the analyst, the index, which monitors the value of altcoin markets, has formed a short-term bottom.
Analyst expects these levels before rally in Ethereum and Bitcoin
If there is a local bottom zone, the analyst expects an upward movement in the index. Pentoshi estimates that the index could rise from the current $387 billion to $456 billion. This shows that altcoin projects have an important area to grow in general. The analyst makes the following statements in the post:
Like everything else, the current bear market has built its base directly above its 2017 all-time high. Having said that, it’s a great chance for us to see MANY not all return to August levels.
The analyst, who looks at the leading altcoin Ethereum, says that ETH has entered a new trading range:
The resistance zone turned into support, now the $1,516 level is low. It marks the midpoint of $1,650 and the high price range of $1,783.
New $ETH ranges just dropped
Sorry didn't get to this yesterday
Flipped resistance to support so now 1516 range low
1650 Mid
1783 Range high https://t.co/2W8N3oguch pic.twitter.com/kPtmBTz33K— Pentoshi 🐧 (@Pentosh1) October 29, 2022
Ethereum (ETH) is up 0.89% in the last 24 hours. Currently, it continues to trade at $1,618.53. When we look at the leading cryptocurrency Bitcoin, the analyst gives a warning. The analyst says that BTC fell to set a trap for the BTC bears before starting a new rally:
Expect the $19k bottom bears to celebrate the first pullbacks within a week. Then punish them with ascension again.
Bitcoin price is currently trading at $20,708.90.
