The crypto money market, especially Bitcoin, continues to lose blood. Expert crypto analyst Benjamin Cowen says that Chainlink (LINK) often moves inversely to the trend of the market.
Saying that Chainlink has stood firm despite BTC's recent decline, Cowen shared his analysis and views on LINK.
In the video he shared for 685,000 youtube subscribers, Benjamin Cowen claimed that the cryptocurrency market is in a downtrend, but the decentralized oracle network LINK gives bullish signals. According to Cowen, Chainlink's performance is inversely proportional to Bitcoin's price action.
“In 2019 and 2020, when Bitcoin was bearish or consolidating, LINK was performing very well. However, we could not predict how the Chainlink token would perform when BTC was bullish. It is easier to predict now, if Bitcoin is going up, LINK / BTC blood will lose."
Cowen claims that with Bitcoin falling more than 40% from its all-time high of $69,000, leading cryptocurrency Chainlink could start a bull cycle against BTC (LINK/BTC).
“Looking at the log scale, we can see that a LINK/BTC breakout has taken place. We don't want this breakout to be just a pin. So to ensure our business, it is a great benefit to wait for the weekly close. If we make the weekly close on the breakout, we can confirm the Chainlink (LINK) bull cycle. "
Chainlink price is $26.89 at time of writing and a 24-hour trading volume is $2,989,661,739. The price has increased by 3.5% in the last 24 hours. There is a circulating supply of 470 Million LINK coins, with a total supply of 1 Billion coins.
Bitcoin price today stands at $41,765.03 with a 24-hour trading volume of $22,308,770,449. The price is down -0.4% in the last 24 hours. There is a circulating supply of 19 Million BTC coins, with a total supply of 21 Million coins.