A widely followed crypto analyst believes that an Ethereum (ETH)-based altcoin project is about to have an explosive rally against Bitcoin (BTC).

Crypto strategist Michaël van de Poppe tells his 699,900 followers on the social media platform X that the decentralized oracle provider Chainlink (LINK) versus Bitcoin (LINK/BTC) may be printing a bullish reversal pattern.

“Chainlink is still at cycle lows, in the BTC pair. This is very likely going towards a test of the all-time high once this pair reverses.”

Looking at his chart, the trader suggests that LINK/BTC is printing a higher low price at 0.0002991 BTC ($20.15) and may soon cross a key resistance level at 0.0004480 BTC ($30.18).

Ultimately, the trader predicts that LINK/BTC will soar by more than 440% to reach the all-time high of 0.00161211 BTC ($109.12) set in 2020.

LINK/BTC is trading for 0.0002983 BTC ($20.08) at time of writing, up more than 2% in the last 24 hours.

The trader also believes that the total market cap for altcoins could grow in 2024 from about $672 billion to nearly $1 trillion.

“There’s still around 40%-60% market capitalization to gain for the altcoins. That’s going to be a fun ride for the altcoins in the coming period.”

He predicts that Bitcoin will cross the $70,000 level later this month and traders will move their profits into altcoins, sparking massive rallies.

“Big macro-economic events on the horizon, I’m expecting that we’re likely going to take the liquidity above the highs and fall back for Bitcoin. In the meantime: Altcoins firing up!”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong