ChainLink is on track to crack $ 100 in 3 years – Crypto Analyst

Summary:

  • Timothy Peterson has predicted that Chainlink will break $ 100 within 3 years
  • Such a price movement would be an 80% annual return
  • Chainlink’s offering is shifting away from the exchanges and could be the first confirmation of a short-term upward move
  • Bitcoin’s recent decline caused Chainlink to drop from $ 18.50 to $ 12.50 in 48 hours
  • LINK could claim back $ 16 in the ideal environment

Chainlink (LINK) is well on its way to cracking $ 100 in three years. That’s according to Timothy Peterson of Cane Island Advisors, who predicted that such a performance from Chainlink would translate into an 80% annual return. Mr Peterson shared his analysis of Chainlink via the following tweet and table, demonstrating LINK’s potential to grow in value based on its Metcalfe model.

#ChainLink is well on its way to cracking $ 100 in 3 years. That would be an annual ROR of + 80%. pic.twitter.com/DtCpn7Y18D

– Timothy Peterson (@nsquaredcrypto) January 10, 2021

Chainlink’s offering is moving away from the stock exchanges

Regarding Chainlink’s current token offering, the Santiment Feed team has noted that many LINKs are moving out of the exchange. Additionally, Chainlink (LINK) is rebounding well after yesterday’s decline, which saw the value drop to the $ 12.50 price range.

The Santiment team highlighted the LINK movement from the exchange based on the following statement and the attached table.

How Altcoins recovered to start the week SHORTCUT appears to be outstanding in terms of the ratio of supply moving encouragingly away from the exchanges. As this ratio moves more offline, this is an increasingly good sign of a price increase.

What’s Next for ChainLink in the Crypto Markets?

As mentioned earlier, Chainlink is currently bouncing back well after falling from $ 18.50 to $ 12.50. This 33% drop in Chainlink was due to Bitcoin falling from the $ 40,000 price range to the $ 31,000 support zone over the same period.

At the time of writing, Chainlink is trading around the $ 15 support zone in what looks like a consolidation to get a boost towards the $ 16 resistance zone.

As revealed by the drop to $ 12.50, Chainlink’s future in the crypto markets is heavily tied to that of Bitcoin. Hence, Bitcoin needs to move either sideways or gradually in both directions for LINK to thrive. All of Bitcoin’s fast and furious moves are definitely affecting Chainlink’s upward momentum.

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