End of Bear Market Approaching for Chainlink (LINK), Says Crypto Analyst Heres His Reversal Scenario
Popular crypto analyst Michal van de Poppe thinks the end of the bear market is near for decentralized oracle network Chainlink (LINK) and other struggling altcoins.
In a new video update, Van de Poppe tells his 165,000 YouTube subscribers that Chainlink is down about 80% from its all-time high of $52.70, which it hit last May.
The crypto analyst notes those severe losses are common among altcoins, particularly those in the decentralized finance (DeFi) sector.
“Some altcoins, especially in DeFi, are down 90%. It is likely that we’re going to have this downwards trend, but it’s also starting to feel likely that we’re getting close to the actual end of the bear market for altcoins…
We are getting close towards the phase where we are starting to accumulate those positions, making ourselves ready for the next bull cycle in which the impact of [Federal Reserve rate] hikes will diminish away.”
Source: TechnicalRoundup/YouTube
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Van de Poppe says that the reversal from the bear market will take place after an initial price reaction to Federal Reserve interest rate hikes.
Chainlinkis trading at $11.20 at time of writing. The 27th-ranked crypto asset by market cap is down nearly 10% in the past week and more than 36.5% in the past month. Van de Poppe says he’ll be looking at the $8 range “for a potential play” on LINK.
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