A popular cryptocurrency analyst thinks a big uptrend is coming for altcoin Chainlink (LINK). The analyst does not rule out the possibility that Chainlink may experience a short-term decline. However, he thinks that it will provide greater returns in the long run. Here are the details…
Cryptocurrency trader expects 100x returns for altcoin
Crypto trader Kevin Svenson looks to Ethereum for bullish and bearish Chainlink. Ethereum is the largest altcoin and second largest cryptocurrency by market cap. He says that if Ethereum (ETH) drops to the $500-$700 range, LINK will fall accordingly to the $2.00-3.00 region. According to the analyst, in the next few years, if LINK is bought when it drops to the level of 2-3 dollars, 100 times return can be observed. Svenson uses the following expressions:
“In the next few years, if you buy [LINK for $2-3 dollars] that’s 100x returns on Chainlink. If these prices come up, you better be ready. I avoid most altcoins at the moment. The reason why I mentioned ETH and LINK as good buys; these are the most adopted projects in the entire industry. They stand out with real infrastructure. They have long-term potential.”
Svenson’s 100x call on LINK appears to be based on the altcoin’s performance from April 2019 to May 2021, when it rose 13,200 percent to an all-time high of $53. Chainlink, which is ranked 24th by market cap, is trading at $6.68 at the time of writing.
What will happen in the general market?
Svenson believes that in the overall cryptocurrency market, the decline will continue in the short term. Svenson noted that the “Disruptive Domino Effect” that unfolded in this crypto bear market is something historical. Mentioning that the process started with the downward pressure in Terra (LUNA), the analyst said that this also affected other developments. As it is known, Terra’s UST stablecoin should be traded at a 1:1 ratio to the US dollar; suffered a serious decline. This also negatively affected the price of Terra’s original token, LUNA. Both coins hit their historic lows and nearly zeroed out.
The analyst said that the over-leveraged market exploded with the Terra effect, and Bitcoin miners also surrendered, that is, they sold their BTC. Then, he talked about the crises in crypto lending platforms such as Celsius and BlockFi, as we have reported as Kriptokoin.com. The analyst used the following statements:
It’s hard for me to believe this will all end now without more pain. There will probably still be some more blood. But the good news is that events like this are the usual signs of a cycle bottom. Depends on where/when exactly.
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