Chainlink, Bitcoin, The Altcoins Market & New All-Time Highs
2024-10-30

Chainlink (LINKUSDT) is currently trading 48% lower compared to mid-March 2024. And 69% below its November 2021 peak price... Isn't this strange?

When Bitcoin grows, the Altcoins boom. In fact, the Altcoins tend to move much sooner and much stronger than Bitcoin on their Tether (USDT) pairings.

I am looking at pairs such as Chainlink, Ethereum, Avalanche, Cardano, Aave, Polkadot, NEAR, Dogecoin, XRP, Litecoin, Uniswap, Pepe and the rest, and they are all trading pretty low compared to historical highs and the latest bullish wave peak (around March 2024). Bitcoin is trading at All-Time Highs, what is happening here?

Will the Altcoins start a bullish impulse to match Bitcoin?
This is definitely a possibility but the chart is mixed.

Here we have LINKUSDT consolidating higher within an ascending triangle but at the same time facing lower highs and a clear downtrend since earlier this year.

If Bitcoin continues higher, this is sure to produce enough momentum to pull the entire Altcoins market up. Tether just minted $1,000,000,000 USDT, maybe this can work.

On the other hand, if Bitcoin's bullish move ends at a double-top, same price range as in March 2024 and a repeat of 2021 (a peak in April followed by one in November —now, a peak in March followed by one in October), this would mean we would enter a correction next.

Which one of the two is the most likely scenario?

There is growth on the Bitcoin side but there is something missing, there is no participation from retail and the market seems dead.

The Altcoins we are tracking are all down, most of them, so the money was extracted from the Altcoins market to push Bitcoin up. When the market is entirely bullish, we see growth on all sides but this time, it is kind of mixed and we are not seeing the Altcoins growing such as the group mentioned above.

Definitely bearish at resistance.
Bullish at support.

Patience is key.

When the market is mixed, because whales are at work.

Namaste.