Ethereum-Based Altcoin Flaunts Signs of A Potential Price Explosion

According to a well-known crypto strategist, a mid-cap altcoin is likely to surpass Bitcoin (BTC), Ethereum (ETH), and the US dollar (USD).

The pseudonymous analyst, Bluntz, has informed his 223,800 X followers that Chainlink (LINK), a decentralized oracle network, is demonstrating a bullish continuation pattern for all three pairs.

The analyst has pointed out that despite a generally slow-moving crypto market, LINK’s price action is remarkable.

“Been struggling to find anything that looks decent for quite a while in this chop, but LINK is finally starting to look promising here with a potential bull flag breakout forming on not just USD pair but also its BTC and ETH cross pairs.”

As of now, the value of Chainlink is $7.44, which is almost reaching the diagonal resistance on LINK’s USD pair. The trader is also re-evaluating their perspective on Ethereum.

Bluntz suggests that ETH is following a similar market structure to Bitcoin in early 2019, where it saw a significant surge after breaking out from an ascending triangle pattern.

The analyst predicts that Ethereum will experience a parabolic surge once it surpasses the resistance level of $2,050.

“When ETH finally breaks out from $2,050, it’ll be an open-the-flood-gates moment. There won’t be any ‘retest,’ just a 40% weekly candle. In my mind, this is a when-not-if situation. Our only job here is to survive the chop…

This $2,050 god breakout candle on ETH will most likely be the candle that bottoms ETH/BTC.”

After months of decreasing their BTC stashes, BTC sharks have also begun to accumulate the flagship crypto asset, as per Santiment.

“We’ve observed that over the past month, whales have been reducing their Bitcoin holdings, but there has been an increase in swapping stablecoins for BTC.

If this trend continues, we may see a significant increase in Bitcoin prices, potentially reaching $30,000 and beyond,” states the crypto analytics firm Santiment.