Chainlink (LINK) displays encouraging signs on the charts, particularly in its Bitcoin pairing.
Market analyst van de Poppe notes an encouraging pattern – LINK is starting to form higher lows in its BTC trading pair, suggesting the long bearish trend might be running out of steam. Based on current technical patterns, van de Poppe sees LINK potentially doubling its Bitcoin value, which could push its dollar price into the $40-50 range.
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LINK/BTC Chart Shows Bullish Reversal Patterns
Van de Poppe’s analysis shared on X, focuses on LINK’s price action against Bitcoin on a weekly timeframe. His chart indicates that LINK/BTC has been in a sustained downtrend since 2021, with multiple corrections exceeding 60%.
However, the recent formation of higher lows signals the early stages of a reversal. Historically, LINK has seen sharp relief rallies after extended corrections, often exceeding 100% gains before encountering strong resistance.
$LINK forms a higher low, which indicates that we're likely into a new uptrend.
— Michaël van de Poppe (@CryptoMichNL) February 11, 2025
My first target is around 2x in BTC value, which should equal around $40-50. pic.twitter.com/iazVLApEfN
At 0.0001994 BTC, LINK has risen by 5.28% over the previous week. The subsequent major resistance levels recognized in Van de Poppe’s examination are 0.0004480 BTC, 0.0006721 BTC, and 0.0007950 BTC. A surge past 0.0004480 BTC might validate bullish momentum, possibly resulting in a 419.89% increase towards 0.0006431 BTC.
Van de Poppe’s analysis draws attention to LINK’s cyclical price behavior. During past market cycles, LINK has experienced substantial drawdowns followed by rapid price recoveries. For instance, previous rebounds have ranged from 121.93% to 155.15% following prolonged declines. If LINK follows this historical trend, its recent higher low formation could be the catalyst for another major rally.
The key breakout level remains at 0.0004480 BTC. If LINK surpasses this resistance, the next targets align with past relief rallies, potentially leading to further upward momentum. The chart also highlights that LINK tends to surge aggressively once a significant correction phase ends, supporting Van de Poppe’s bullish outlook.
Read also: ONDO Price Analysis: Why $5 Remains a Realistic Target This Bull Run
LINK/USD Price Outlook Amid Market Volatility
At present, LINK is trading at $17.97, reflecting a 5.85% drop over 24 hours and a 10.24% decline over the past week. Despite short-term weakness in USD terms, Van de Poppe argues that the LINK/BTC structure is strengthening, which could drive upward if Bitcoin remains stable. Should LINK/BTC double in value as projected, and BTC’s price holds steady, LINK’s USD price could reach the $40-$50 range.
While LINK has faced a prolonged downturn, recent technical patterns suggest a shift toward bullish momentum. The formation of higher lows, coupled with historical price behavior, points to a potential rally if LINK clears the key 0.0004480 BTC resistance level. Van de Poppe remains optimistic that the token could double in BTC value, aligning with past trends.
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