As the highly anticipated Bitcoin halving event draws near, Watcher Guru’s live countdown indicates just 15 hours until the milestone.
Among the coins garnering significant attention is Chainlink (LINK), a decentralized oracle network that has become a crucial component of the decentralized finance (DeFi) ecosystem.
Currently trading at $13.21, LINK has experienced a 26% decline in the last seven days, with a 24-hour trading range of $12.84 to $13.94 and a 7-day range of $12.25 to $17.75.
Despite the recent downtrend, many experts and analysts are optimistic about Chainlink’s future prospects, particularly in light of the upcoming Bitcoin halving.
Also read: Cryptocurrency: Top 3 Coins That Could 10X In The Bull Run
According to Chainlink’s price fluctuations at the beginning of 2023, Changelly experts have provided a forecast for LINK’s performance in April 2024. They expect the average LINK rate to hover around $15.71, with a minimum price of $13.23 and a maximum price of $18.18.
While these predictions suggest a modest growth trajectory for LINK, it is important to note that Chainlink’s all-time high of $52.70, reached on May 10, 2021, remains a distant target.
However, the upcoming Bitcoin halving event has the potential to catalyze a bullish market sentiment, which could accelerate LINK’s growth and potentially bring the $20 mark within reach.
Also read: Shiba Inu Forecasted To Hit $0.0003: Here’s When
Analyst Michaël van de Poppe has tweeted that Chainlink is a massive coin to look out for at this BTC valuation.
#Chainlink is such a massive one to look for at this BTC valuation. pic.twitter.com/L3DdqaQQq2
The Bitcoin halving, which occurs approximately every four years, has historically been a catalyst for market-wide bullish sentiment. The halving reduces the reward for mining new Bitcoin blocks by 50%, thereby reducing the supply of new Bitcoins entering circulation. Bitcoin’s price often surges due to this reduction in supply and steady or increasing demand, thereby positively influencing the broader cryptocurrency market.
Also read; Dogecoin Forecasted To Reclaim $0.2 Level: Here’s When
If Bitcoin experiences a significant price increase following the halving event, it is plausible that Chainlink could benefit from the increased investor interest and market momentum. In fact, Changelly’s long-term forecast suggests that LINK could hit the $20 mark by January 2025. However, if the market turns extremely bullish post-halving, this target could be reached much sooner than expected.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
source
This content is sourced from Watcher Guru. The copyrights for this article is owned by Watcher.Guru
