Last Updated on 8 mins by Connor Brooke

Popular crypto analyst Michaël van de Poppe suggests that an Ethereum-based altcoin may experience a final dip before doubling in value. Van de Poppe, a well-known crypto strategist with 668,000 followers on X, believes that Chainlink (LINK), the decentralized oracle provider, is on the cusp of a significant correction followed by a breakout.

According to van de Poppe’s analysis, 2024 could be a pivotal year for Chainlink, with its price expected to land in the range of $12 to $15. He states, “The final correction for Chainlink before we’ll break out of this range. The markets are still heating up for a big breakout, and if cycles do take place, 2024 is going to be a big year for LINK. Expecting to see some retests around $7 to be bought, before $12-15.”

As of the time of writing, LINK is trading at $7.67. If the cryptocurrency follows van de Poppe’s prediction, it could experience a remarkable increase ranging from 56% to 95%.

Van de Poppe also notes that while many altcoins have undergone significant corrections, Bitcoin (BTC) is in a consolidation phase. However, he anticipates that “trendy coins” will continue to exhibit momentum, even amid the altcoin correction, as long as Bitcoin remains stable.

In addition, van de Poppe speculates that Bitcoin, the top cryptocurrency by market capitalization, could potentially rally to $30,000, provided it successfully retests the $26,700 to $26,900 range. He states, “Few levels of importance for Bitcoin here. Holding above $27,200 would be substantial for upwards continuation, but preferably is a retest at $26,700-26,900 before we’ll continue the rally to $30,000. Sentiment flipped quite fast.”

Van de Poppe’s insights suggest an optimistic outlook for Chainlink and Bitcoin, offering potential opportunities for investors in the evolving crypto market.