In summary:
Timothy Peterson, of Cane Island Alternative Advisors, has forecasted that Chainlink’s value could be boosted by Bitcoin’s current market momentum based on the correlation between these two assets. According to Mr. Peterson, if the LINK/BTC relationship is used as a guide, Chainlink could soon hit $80 due to Bitcoin thriving in the crypto markets. The latter asset is trading at $57k in what looks like consolidation in preparation to test $60k.
His analysis on Chainlink relative to Bitcoin was shared through the following statement
and chart on the social media platform of Twitter.#Bitcoin‘s rise could “pull” #ChainLink up to $80 in 30 days.
Mr. Peterson went on to remind his Twitter followers that his tweets should not be considered as financial advice. His analysis is purely for educational purposes and/or to point out observations about digital assets that he has made over time. His disclaimer regarding what he tweets can be found below.
Earlier today, Chainlink took a brief nosedive to the $32 price area as a result of a crypto-wide pullback that led to $1.72 Billion in liquidations. Yesterday, and before the dip to $32, Chainlink had posted a new all-time high of $36.97 – Binance rate.
At the time of writing, Chainlink is trading at $34.32 in what looks like a rebound in a bid to either retest or exceed the newly set all-time high. Additionally, and as seen in the 6-hour LINK/USDT chart below, $32 is now an area of interest during tonight’s weekly close.
From the chart, the following can also be observed.