Crypto News

End of Bear Market Approaches Chainlink (LINK), Says Crypto Analyst – Here Is His Reversal Scenario

Popular crypto analyst Michaël van de Poppe believes the end of the bear market for the decentralized oracle network is near Chainlink (LINK) and other struggling altcoins.
In a new video update, Van de Poppe shares that his 165,000 YouTube subscribers with Chainlink are about 80% below his all-time high from $52.70 it reached last May.

The crypto analyst notes that heavy losses are common in altcoins, particularly those in the decentralized finance sector (DeFi).

“Some altcoins, notably in DeFi, are down 90%. It’s likely that we’ll have this downtrend, but it also seems likely that we’re nearing the actual end of the altcoin bear market…

We are approaching the stage where we begin to build these positions and prepare for the next bull cycle where the impact of [Federal Reserve rate] Hikes will subside.”
Source: Crypto Michaël/YouTube
Van de Poppe says that the reversal of the bear market after an initial price reaction to the US Federal Reserve’s rate hikes.

Chainlink is trading at $11.20 at the time of writing. The crypto asset at number 27 after market capitalization is down almost 10% over the past week and down more than 36.5% over the past month. Van de Poppe says he’ll be looking at the $8 range “for a potential play” on LINK.

Check the price action

Source: Crypto News Deutsch

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