Can Chainlink (LINK) Hit $20 After Bitcoin Halving?

Vignesh Karunanidhi
Can Chainlink (LINK) Hit $20 After Bitcoin Halving?
Source: Cryptonomist

As the highly anticipated Bitcoin halving event draws near, Watcher Guru’s live countdown indicates just 15 hours until the milestone.

Among the coins garnering significant attention is Chainlink (LINK), a decentralized oracle network that has become a crucial component of the decentralized finance (DeFi) ecosystem.

Currently trading at $13.21, LINK has experienced a 26% decline in the last seven days, with a 24-hour trading range of $12.84 to $13.94 and a 7-day range of $12.25 to $17.75.

Despite the recent downtrend, many experts and analysts are optimistic about Chainlink’s future prospects, particularly in light of the upcoming Bitcoin halving.

Source: CoinGecko

Also read: Cryptocurrency: Top 3 Coins That Could 10X In The Bull Run

According to Chainlink’s price fluctuations at the beginning of 2023, Changelly experts have provided a forecast for LINK’s performance in April 2024. They expect the average LINK rate to hover around $15.71, with a minimum price of $13.23 and a maximum price of $18.18.

While these predictions suggest a modest growth trajectory for LINK, it is important to note that Chainlink’s all-time high of $52.70, reached on May 10, 2021, remains a distant target.

However, the upcoming Bitcoin halving event has the potential to catalyze a bullish market sentiment, which could accelerate LINK’s growth and potentially bring the $20 mark within reach.

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Analyst Michaël van de Poppe has tweeted that Chainlink is a massive coin to look out for at this BTC valuation.

The Bitcoin halving, which occurs approximately every four years, has historically been a catalyst for market-wide bullish sentiment. The halving reduces the reward for mining new Bitcoin blocks by 50%, thereby reducing the supply of new Bitcoins entering circulation. Bitcoin’s price often surges due to this reduction in supply and steady or increasing demand, thereby positively influencing the broader cryptocurrency market.

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If Bitcoin experiences a significant price increase following the halving event, it is plausible that Chainlink could benefit from the increased investor interest and market momentum. In fact, Changelly’s long-term forecast suggests that LINK could hit the $20 mark by January 2025. However, if the market turns extremely bullish post-halving, this target could be reached much sooner than expected.