A stable Bitcoin movement puts LINK on the road to $20 price level and will add even more value to its market capitalization. In today’s Chainlink coin news, we are reading more about the price analysis.
Kevin Svenson, an independent market analyst says that a stable Bitcoin movement puts LINK on the road to $20 which is almost 66% higher from where it was trading at the time of writing. He made the bullish prediction after spotting the October performance of the asset where it climbed by almost 18 percent to date:
“Chainlink has been increasing in price for the past month. Looking pretty good. If Bitcoin can remain stable and/or bullish we could develop another parabolic trend going into 2021. Who is ready for a +$20 LINK?”
The statements took cues from LINK’s dependence on the Bitcoin trend to determine the bias. The token moved almost in sync with BTC especially after it formed a yearly top around August 16 and later started correcting lower. Between then and September, the LINK/USD pair dropped by more than 60 percent while in the same timeframe, the pair was down by 21%. The recovery started for both assets as LINK bottomed out at $7.31 and rebounded to as high as $12.97 with a 77.38% retracement. In the meantime, Bitcoin formed a double bottom at $9,819 but then it jumped back to highs of $13,863 which is a 40% recovery.
This explains why Svenson locked LINK’s bullish expectations with the one of Bitcoin. There’s a correlation between these two as CryptoWatch also confirmed by reading the coefficient between LINK and BTC at 0.61% above zero. In the meantime, Kevinson sees Bitcoin’s price on higher levels after the presidential election on November 3rd. The analyst outlined the recent decoupling of the cryptocurrency from the S&P500 index and stated that this happened already with the 2016 election. After the presidential race, both BTC and the S&P500 entered a bull market. The bulls were eyeing an extended upside while waiting for the US government to finalize the second coronavirus relief package.
Global strategists believe that the next stimulus check will come after the election. With the minimum size of $2 trillion, the aid could reduce the dependency of the investors on the US dollar and bring their investments into more risky assets like Bitcoin.
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