Analyst Issues Caution for Chainlink (LINK) while Optimistic on Bitcoin's (BTC) Potential

The pseudonymous crypto strategist, Rekt Capital, shared insights with his 384,800 followers on the social media platform X, highlighting that decentralized oracle provider Chainlink (LINK) has breached the diagonal support of an ascending channel chart pattern.

Rekt Capital emphasizes the necessity for LINK to maintain its immediate support around $13.50 to prevent a more profound corrective move.

"LINK: Rejected from the structure's base

The breakdown from the blue market structure is confirmed. Consequently, LINK might trend back towards the bottom of the red area. It's crucial to hold there to avert potential downside."As of the time of writing, LINK is trading at $13.65, marking a 2% increase in the last 24 hours.

Shifting focus to the primary cryptocurrency, Bitcoin (BTC), Rekt Capital envisions a potentially parabolic trajectory for the top crypto asset post the halving event in April 2024.

The halving event, reducing BTC miners' rewards by half, historically correlates with Bitcoin's bullish cycles.

Rekt Capital comments

The analyst further observes that BTC has successfully transformed the upper end of its trading range into support, setting the stage for a potential move above $45,000.

"Bitcoin has effectively retested the upper pattern boundary to confirm the breakout. Therefore, from a technical standpoint, the price is positioned for potential trend continuation.

The critical factor now is the follow-through from this point."Bitcoin's current trading price stands at $44,128 at the time of writing, marking a marginal increase in the last 24 hours.