REALISTIC Chainlink LINK Price Prediction For 2024.... BIG Things Coming

Summary

The video analyzes Chainlink's price movement, predicting it will continue an uptrend in 2024. It compares Chainlink's current inverse head-and-shoulders pattern to Injective Protocol's similar pattern preceding its breakout. Given the patterns and market conditions, the video forecasts Chainlink reaching a new all-time high of $63. Overall, it makes a bullish prediction for Chainlink based on technical analysis and its key role facilitating connectivity across crypto networks.

Takeaways

• 😀 The video predicts that Chainlink (LINK) could reach $63 in 2024, a 3x from current levels.
• 👉 LINK has formed an inverse head and shoulders pattern similar to the one Injective Protocol formed before its breakout.
• 🔼 The key resistance level for LINK is around $786. Breaking above that with momentum could trigger a move to new all-time highs.
• 📈 The presenter believes the altcoin market, including LINK, will do very well in 2024 with Bitcoin dominance set to roll over.
• 🤝 LINK is considered an integral part of both DeFi and tradfi, so it could benefit as these worlds intersect more.
• 😎 The presenter has been bullish on LINK since 2018 and it became one of his top altcoin holdings after its performance in 2021.
• 🕵️‍♂️ Technical analysis shows that markets tend to move in predictable patterns that repeat, which supports the inverse H&S prediction.
• 📊 Examples are shown of other assets (stocks, cryptos) that formed and broke out from inverse H&S patterns as expected.
• 💪 LINK has strong fundamentals as its oracle network has become a standard for projects needing data feeds and off-chain computation.
• 🙏 The presenter discloses he owns LINK and that nothing in the video constitutes financial advice.

Q & A

What is the overall prediction for Chainlink's price in 2024?

The prediction is that Chainlink will reach around $64 by 2024, representing about a 3x increase from current levels.

What pattern is Chainlink currently forming that supports the price prediction?

Chainlink is currently forming an inverse head and shoulders pattern, which is similar to the pattern that preceded new all-time highs for Injective Protocol.

Why does the author believe Chainlink will do well long-term?

The author believes Chainlink will do well long-term because it is an integral part of the cryptocurrency space, providing critical infrastructure related to decentralization, interoperability and interconnectivity.

How long did Chainlink's previous consolidation/ranging take before it broke out?

Chainlink was ranging for over 500 days before it finally broke out, which suggests that the bigger the consolidation range, the bigger the eventual breakout move.

What is the key level Chainlink needs to break for the author's prediction to play out?

Chainlink needs to break the resistance level at around $786 with momentum in order for the inverse head and shoulders pattern and price prediction to fully play out.

What other patterns from 2021 support the current price predictions?

Successful head and shoulders patterns last year in Bitcoin, NASDAQ, and Microsoft help build convictions that the current Chainlink pattern could play out similarly.

How soon does the author expect Chainlink to reach its target high?

While timings are difficult to predict, the author expects Chainlink could hit its $64 target as soon as 2024 based on current momentum.

What broader market conditions support higher prices for altcoins like Chainlink?

Decreasing Bitcoin dominance points to capital rotating from Bitcoin into altcoins, providing tailwinds for Chainlink and other altcoins.

Why does the author like Chainlink relative to other altcoins?

The author views Chainlink as a Workhorse cryptocurrency that helps mitigate volatility, making it attractive relative to more speculative altcoins.

What key upcoming event could impact prices of coins like Chainlink?

An upcoming court case between Coinbase and the SEC could provide more regulatory clarity to the altcoin market.