Popular crypto strategist and dealer Benjamin Cowen is the state of Chainlink (LINK) to see whether or not the decentralized oracle community is able to ignite its uptrend.
In a brand new technique session, Cowen tells his 685,000 YouTube subscribers that Chainlink is the “light” when the crypto markets are bearish.
According to Cowen, Chainlink’s efficiency is inversely correlated to the price motion of Bitcoin (BTC).
“One of the things that we asked ourselves back in 2019 and 2020 was that we know LINK does well when Bitcoin is bearish and when Bitcoin is going sideways. But we do not know what LINK will do when Bitcoin is bullish. We now have the question answered. If we didn’t know before, all questions are put aside now. If Bitcoin is bullish, LINK/Bitcoin is most likely going to bleed.”
Cowen additionally says that with Bitcoin pulling again over 40% from its all-time excessive round $69,000, Chainlink is now able to start out its bull cycle towards the main cryptocurrency (LINK/BTC).
“You can see that we actually have broken out (LINK/BTC). We have broken out to the upside. If we look at it on a log scale, that’s what it looks like… So even if you looked at the market like that, you could argue that we’ve still broken out even on a log scale. Now, of course, we would like to see weekly closes. We don’t want it to just be a wick.”
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