Veteran crypto analyst Michaël van de Poppe predicted a bullish outlook for Chainlink (LINK) and predicted an imminent breakout for the asset if Bitcoin (BTC) holds above $25,700.
Chainlink (LINK) is Preparing for Ascension, According to Experienced Analyst
The analyst cited data from a 12-hour LINK chart to present his claims.
Expecting to see #Chainlink to be creating a higher low.
That higher low should be sufficient for a breakout above the range highs.
Additional requirement; #Bitcoin to sustain above $25,700. pic.twitter.com/pQ7p2M5z5B
— Michaël van de Poppe (@CryptoMichNL) October 13, 2023
The chart reveals a recovery candle from LINK after two consecutive 12-hour losing sessions.
This recovery took the asset to $7.24. In the middle of the last candlestick, van de Poppe announced that he expects Chainlink to break higher. According to the analyst, the condition for this rise is for Bitcoin to move above $25700.
Van de Poppe's chart offers an initial resistance target of $7,785. Chainlink last saw this price on October 8, and it rose by 1.98% that day.
*This is not investment advice.
