Analyst Says Chainlink (LINK) In for Explosive Rally While Bitcoin (BTC) Gears Up for Next Move

5/8/2023 7:04:03 AMby Daily Hodl Staff
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Popular crypto analyst Kevin Svenson says that leading decentralized oracle service Chainlink (LINK) is in for a big move when the altcoin markets wake up.

The analyst tells his 126,000 Twitter followers that LINK’s moving average convergence divergence (MACD) indicator is foreshadowing an unexpected upside spike.

Traders often keep a close watch on the MACD as it sometimes signals a potential reversal in trend.

Says Svenson,

“Chainlink monthly MACD indicator is about to have the first bullish cross up since the end of 2020.

I’m long AF.

LINK a surprise pump is coming.”

Svenson mentions hot memecoin Pepe (PEPE), and says that a shift in capital flow from it to the larger crypto assets like Bitcoin (BTC) and Ethereum (ETH) could send the whole market flying.

PEPE is currently up over 5,000% in less than a month, with some analysts predicting the speculative fervor to continue heating up.

“If PEPE profits starting flowing into BTC and ETH the entire market is going to rocket… You’re forgetting about how much leverage is available. Half a billion could = many billions in volume.”

Svenson also says Bitcoin bears and skeptics will be shocked by the flagship crypto asset’s next move. He has previously called for a rally up to $48,000 which would then ignite another bullish season for altcoins.

“Bitcoin is now creating a higher low right along our parabolic curve which could create the next major impulse up towards $48,000…

That means that Bitcoin in theory has another 65% from here to the next target of $48,000. That is a 65% move, that is a tremendous opportunity if it does in fact play out…”

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Featured Image: Shutterstock/Relight Motion

The post Analyst Says Chainlink (LINK) In for Explosive Rally While Bitcoin (BTC) Gears Up for Next Move appeared first on The Daily Hodl.

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