A popular crypto analyst says Chainlink (LINK) could see short-term losses while setting up for even bigger returns down the road.
Crypto trader Kevin Svenson tells his 109,500 Twitter followers that if Ethereum (ETH) drops to the $500-$700 range, LINK will correspondingly plummet to $2.00-$3.00 territory.
“In the next few years, that’s a 100x return on Chainlink if you buy [LINK between $2-$3]. If these prices show up, you better be ready.
I’m avoiding most alts right now. The reason I mention ETH and LINK as good buys is because they are the most highly adopted projects in the entire industry. True infrastructure plays. Long-term potential.”
Svenson’s 100x call on LINK appears to be based on its performance between April 2019 to May 2021 when the altcoin rose 13,200% to its all-time high of $53.
Chainlink, the 24th-ranked crypto asset by market cap, is trading for $6.61 at time of writing. The Ethereum-based decentralized data feed and oracle platform is down more than 2% over the last 24 hours.
Ethereum is trading for $1,196 at time of writing, down nearly 1% on the day.
Svenson believes the overall crypto bear market will continue in the short term.
“The Destructive Domino Effect we’ve seen unfold in this crypto bear market has been historic. An over-leveraged market starting with LUNA creating downside pressure, BTC miners capitulating, then that bled into the lending platforms falling [one] after another.
It’s hard for me to believe that all of this would just end now without it more pain. Probably still some more blood to come. But the good news is events like these are usual markers of a cycle bottom. Just depends on where/when exactly that will be.”
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