Is the Bottom In for Chainlink? Crypto Analyst Benjamin Cowen Outlines Possible Path Forward for LINK

Popular crypto trader and strategist Benjamin Cowen is looking into the case of Chainlink (LINK) to see if the decentralized oracle network is ready to ignite its upside.

In a new strategy session, Cowen told his 685,000 YouTube subscribers that Chainlink is the “light” when crypto markets are bearish.

According to Cowen, Chainlink’s performance is inversely correlated with Bitcoin (BTC) price movement.

“One of the things we asked ourselves in 2019 and 2020 is that we know LINK works well when Bitcoin is bearish and when Bitcoin is trending sideways. But we don’t know what LINK will do when Bitcoin is bullish. We now have the answer to the question. If we didn’t know Before, all questions are now being put aside. If Bitcoin is bullish, LINK/Bitcoin will likely bleed.”

Cowen also says that with Bitcoin down more than 40% from its all-time high around $69,000, Chainlink is now in a position to start its bull run against the leading cryptocurrency (LINK/BTC).

“You can see that we have already broken (LINK/BTC). We have taken off to the upside. If we look at it on a logarithmic scale, this is what it looks like… So even if you look at the market like that, you can say we still broke even. On a logarithmic scale. Now, of course, we’d like to see a weekly close. We don’t want it to be just a fuse.”

Source: Benjamin Quinn / YouTube


Check price action

Don’t miss out – sign up to get encrypted email alerts delivered straight to your inbox

Follow us TwitterAnd Facebook and Telegram

Browse The Daily Hoodle Mix


Check out the latest news headlines

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock / Tithi Luadthong