All the way up until around mid-2020, Chainlink was the hottest crypto token around. But once Bitcoin broke above $10,000 months ago, the Chainlink is up nearly 15% intraday today already, with hours left to go before the daily close. The move sent the Shark Tank Investor Slams Bitcoin, Crypto: “Not An Institutional Product”
But according to one analyst and their take on the LINKBTC pair, the Fibonacci retracements levels often act as a critical point where reversals take place and is precisely where the LINKBTC pair began to turn around. Does this mean Chainlink will go back to outperforming Bitcoin or is something else going on?
LINK outperformed BTC for nearly two years. Could that trend continue from here? | Source: LINKBTC on TradingView.com
Will Bitcoin Allow Altcoins To Shine Once Again?
At the peak of the 2017 Bitcoin rally, the top cryptocurrency reached $20,000 and became too expensive for the average retail investor to purchase one full BTC. It led to the investor class looking towards altcoins that could someday follow in Bitcoin’s footsteps.
Ethereum, Litecoin, XRP, and just about every other Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins
Crypto is bubbling back up, and this time, things are quite different for Bitcoin who is now being bought up by the wealthy with money to spare.
And with Bitcoin now returning to prices that are out of reach for the average investor, altcoins are suddenly becoming much more attractive once again.
After such an enormous rise in Chainlink, a breakdown from its parabola should have resulted in as much as an 80% correction, much like Bitcoin suffered during its This article was originally published by Newsbtc.com. Read the original article here.