Prominent crypto trader Michaël van de Poppe this week noted still-depressed valuations for crypto oracle project Chainlink (LINK) relative to market leader Bitcoin. Poppe believes the current technical positioning represents the early stages of a pending bullish cycle.
In his tweet, the trader highlighted strong weekly price action for the asset after an extended period of lateral ranges.
Poppe contends that with Bitcoin itself showing signs of a macro reversal, the tempo looks set to pick up for altcoins like LINK that have lagged in early 2023 trading. And with valuations still markedly below peak cycle marks, he sees sizable headroom for multiple exponential moves brewing.
The chartist specifically envisions LINK staging a convincing breakout from current levels within 2-3 months, with initial conservative upside targets projected around $42.
Can Chainlink hit $42?
LINK has demonstrated remarkable performance throughout this year, positioning itself as one of the top-performing assets. In the past 30 days alone, this altcoin has recorded a 17.2% increase in its price. Despite being 60% below its previous all-time high of $52.70, the prospect of it reaching double-digit values is more attainable than ever before.
Cryptocurrency experts at Changelly have given their price prediction for Chainlink LINK. According to the analysts, LINK is forecast to reach a minimum of $20.44 and a maximum of $24.56 in March. Additionally, the average price of LINK is expected to be in the range of $20 to $21.83. The forecast also suggests LINK will hit $42 by October 2025.
However, the market can be quite surprising and could go in either direction depending on the overall market sentiment. With Bitcoin hitting $65,000, altcoins could be poised for another bull run soon.