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$2,000 ChainLink: Unveiling the Bulls’ Path to LINK’s Future

$2,000 ChainLink: Has LINK bottomed?
$2,000 ChainLink: Has LINK bottomed?

In his latest Cheeky Crypto video, Nick embarks on a journey to uncover the hidden potential of ChainLink (LINK), delving into the intricacies of wave analysis, onchain data, and retail investor behavior to decipher whether LINK has truly bottomed out.

Chain Link Price Analysis: A Bullish Narrative Emerges

Nick begins by analyzing the 1-hour chart for LINK paired with USDT on Binance, identifying a recent surge in price that initially appeared as a three-wave movement. However, a closer examination reveals a more aggressive five-wave pattern, suggesting a bullish continuation.

Target of $142.6 and the Trigger for Impulsive Movement

Shifting to the daily timeframe, Nick highlights a potential target of $142.6, emphasizing a critical trigger point that could ignite an impulsive price movement. This target aligns with the completion of the current wave pattern, further reinforcing the bullish outlook.

Wave Analysis: Navigating the Structure for Profit Opportunities

Nick delves into the intricacies of wave analysis, explaining the current position within wave four. He anticipates a potential corrective move downwards, presenting an attractive buying opportunity with a 50% reduction in price. He cautions viewers to remain within the identified structure to maintain a bullish perspective.

Psychological Aspects of Wave Patterns: A Deeper Understanding

Nick explores the psychological dynamics of wave patterns, emphasizing the significance of wave two as a pivotal buying opportunity. He explains the typical reactions of retail investors during different waves, providing valuable insights into market sentiment.

Onchain Data Analysis: Unveiling Large Investor Behavior

Utilizing onchain data from membership.cheekycrypto.com, Nick focuses on wallet analysis with Native Link. He observes large investors selling off during the recent upward move, indicating profit-taking behavior. Additionally, he notes a decrease in wallets holding over 100,000 Link, particularly in the last 30 days.

Retail Investor Behavior: A Tale of Two Tales

Nick highlights the contrasting behavior of smaller wallets, with those holding 10,000 Link or more showing signs of accumulation, while those with 1,000 Link or more remain relatively stagnant. He underscores the psychological game played by retail investors entering the market at different levels.

Weekly Standpoint and Price Speculation: The Path to $2,000

Nick contemplates the possibility that LINK has already established a bottom at $476.00. He discusses potential adjustments to technical high points and their impact on LINK’s bullish trajectory. If the bottom is confirmed, he speculates on a stronger bull market, suggesting higher price targets ranging from $700 to $2,000.

Closing Remarks: Embracing the Future of ChainLink

Nick encourages viewers to share their thoughts and engages with the community by inviting them to participate in the Discord discussions. He concludes by expressing anticipation for the upcoming developments surrounding ChainLink, hinting at the potential for significant growth in the near future.

Key Takeaways:

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