A prominent crypto analyst has turned bullish on Chainlink (LINK) following a significant correction. Michaël van de Poppe, a well-known crypto trader with a substantial following of 722,800 on X, has indicated that based on historical patterns, Chainlink could initiate an uptrend against Bitcoin (LINK/BTC) by year-end.

“LINK has consistently followed a familiar pattern: downtrend in the first six months, followed by a bull market in the latter half. We are currently in the upward grind of the second half. Exciting times lie ahead.”

Van de Poppe also highlighted a bullish formation for LINK against Bitcoin on the daily chart, emphasizing its momentum in breaking recent highs. He stressed the significance of monitoring altcoins through their BTC pairs rather than USDT pairs to gauge their strength or weakness.

“LINK continues to exhibit strong momentum, consistently surpassing previous highs. Assessing altcoins through their BTC pairs is crucial for understanding their market dynamics.”

At the time of writing, LINK is trading at 0.0002243 BTC ($13.11).

Looking ahead, the analyst predicts a bullish reversal for other altcoins. He pointed out that OTHERS, which tracks the market capitalization of all cryptocurrencies except the top 10 and stablecoins, is forming a bullish double bottom pattern against Bitcoin (OTHERS/BTC) on the weekly chart.

“There’s optimism brewing about a potential bull market for altcoins. Observing the OTHERS/BTC chart reveals a double bottom pattern, marking the lowest altcoin valuations compared to Bitcoin in three years.”

Van de Poppe’s insights are available on X and indicate a positive outlook for altcoins in the near term.

[Source: Michaël van de Poppe/X]

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