Analyst: After A 50% Retrace Against Bitcoin, Chainlink Is “Ready” To Soar

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 altcoin’s uptrend against the top cryptocurrency was broken.
Following a full 50% retrace of the rally against BTC, Chainlink is now “ready to continue,” according to one crypto analyst. Here’s what that could mean for both cryptocurrencies in the days and weeks ahead.
Chainlink Continuation Likely, As Crypto Market Catches Fire
Chainlink is up nearly 15% intraday today already, with hours left to go before the daily close. The move sent the altcoin to the highest point in USD value since its all-time high was set earlier this year.
Chainlink spent the last two years running as the crypto market’s top performer. But as soon as Bitcoin had its major breakout, the decentralized oracle token began to sink and retrace its epic rally.
Related Reading | Shark Tank Investor Slams Bitcoin, Crypto: “Not An Institutional Product”
But according to one analyst and their take on the LINKBTC pair, the altcoin is down but not out, and is “ready to continue” its rally following a 50% retrace against Bitcoin.
The 0.5 and 0.618 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 coin aside from Bitcoin exploded in value, but at the same time popped the crypto bubble of that year.
Related Reading | 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 bear market. But because Bitcoin and the rest of crypto is so bullish, the rising tide is lifting the Chainlink boat also.
How buoyant the altcoin is from here, remains to be seen.
Featured image from Deposit Photos, Charts from TradingView.com

bitcoin
Bitcoin (BTC) $ 66,621.85
ethereum
Ethereum (ETH) $ 3,248.05
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 605.93
solana
Solana (SOL) $ 157.38
usd-coin
USDC (USDC) $ 0.999970
staked-ether
Lido Staked Ether (STETH) $ 3,248.27
xrp
XRP (XRP) $ 0.547380
dogecoin
Dogecoin (DOGE) $ 0.160857
the-open-network
Toncoin (TON) $ 5.94
cardano
Cardano (ADA) $ 0.504882
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 39.14
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,712.87
polkadot
Polkadot (DOT) $ 7.37
bitcoin-cash
Bitcoin Cash (BCH) $ 506.28
tron
TRON (TRX) $ 0.113465
chainlink
Chainlink (LINK) $ 15.35
near
NEAR Protocol (NEAR) $ 6.81
matic-network
Polygon (MATIC) $ 0.747292
internet-computer
Internet Computer (ICP) $ 14.77
litecoin
Litecoin (LTC) $ 86.59
uniswap
Uniswap (UNI) $ 8.07
leo-token
LEO Token (LEO) $ 5.74
dai
Dai (DAI) $ 0.999723
hedera-hashgraph
Hedera (HBAR) $ 0.139840
aptos
Aptos (APT) $ 9.81
blockstack
Stacks (STX) $ 2.85
first-digital-usd
First Digital USD (FDUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 28.00
mantle
Mantle (MNT) $ 1.15
crypto-com-chain
Cronos (CRO) $ 0.133063
filecoin
Filecoin (FIL) $ 6.40
render-token
Render (RNDR) $ 9.00
stellar
Stellar (XLM) $ 0.119740
immutable-x
Immutable (IMX) $ 2.37
cosmos
Cosmos Hub (ATOM) $ 8.80
okb
OKB (OKB) $ 55.30
pepe
Pepe (PEPE) $ 0.000008
dogwifcoin
dogwifhat (WIF) $ 3.28
bittensor
Bittensor (TAO) $ 492.15
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,186.90
arbitrum
Arbitrum (ARB) $ 1.19
vechain
VeChain (VET) $ 0.042508
xtcom-token
XT.com (XT) $ 3.05
kaspa
Kaspa (KAS) $ 0.128728
the-graph
The Graph (GRT) $ 0.291804
maker
Maker (MKR) $ 2,955.59
optimism
Optimism (OP) $ 2.55
wrapped-eeth
Wrapped eETH (WEETH) $ 3,365.52