A closely followed trader thinks that one Ethereum (ETH)-based altcoin is a solid long-term play in the midst of an extended crypto bear market.

Pseudonymous analyst Inmortal tells his 199,000 followers on the social media platform X that traders are not paying enough attention to the decentralized oracle network Chainlink (LINK).

The trader shares a chart showing how LINK has been building a base since May 2022, which suggests that the altcoin could generate big gains once it leaves the accumulation range.

“One of the most obvious plays in this bear market, ignored because of the patience it requires… Ready to hold it for one to two years.”

Source: Inmortal/X

In technical analysis, traders and investors have a saying that “the longer the base, the higher in space,” which means assets that spend a lot of time building a base tend to ignite stronger and longer rallies when they break out of the range.

At time of writing, LINK is trading for $8.15.

Looking at Bitcoin (BTC), Inmortal predicts that the crypto king is now positioning for a big surge.

“$20,000? It was all a nightmare bro, wake up, $40,000 is next.”

Source: Inmortal/X

At time of writing, Bitcoin is trading for $27,048.

As for Ethereum, Inmortal believes that the leading smart contract platform will witness a burst to the upside in the coming months against both the US dollar and Bitcoin (ETH/BTC).

“Is anyone seeing the same thing I see in ETH?”

Source: Inmortal/X

At time of writing, Ethereum is worth $1,674.

Featured Image: Shutterstock/TadashiArt

The post Trader Calls Ethereum-Based Altcoin ‘Most Obvious Play’ Amid Bear Market, Predicts Rally for Bitcoin and ETH appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 2, 2023 12:32 am