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Quick take:
- Timothy Peterson has forecasted that Chainlink could increase by a factor of 3 or more between now and the end of the year
- He explains LINK is fairly valued unlike Bitcoin and Ethereum that are in bubble territory
- Chainlink increasing by a factor of 3x brings its value to around $66
Bitcoin and crypto analyst Timothy Peterson of Cane Island Alternative Advisors has forecasted that Chainlink (LINK) could increase in value by a factor of three or more between now and the end of the year. Mr. Peterson shared his analysis of Chainlink via I think $LINK is a 3x+ between now and Dec. I don’t see that happening with #bitcoin, $ETH, $XRP. Maybe $DOT can. Some others may do better than #ChainLink, but of all these, Link is what I have most confidence in and with the least downside risk.
His forecast of Chainlink was an addition to an earlier tweet whereby he had categorized LINK as ‘fairly valued’ Bitcoin and Ethereum exhibiting ‘bubble’ characteristics. His initial tweet on LINK can be found below.
#ChainLink is fairly valued. There's a bubble in #bitcoin and #ethereum that is not present in $LINK. pic.twitter.com/uBy6XiKLRe
— Timothy Peterson (@nsquaredcrypto) January 23, 2021
3x Might Be a Conservative Estimate for Chainlink
At the time of writing, Chainlink is trading at $22.37 as it attempts to defend the $22 support area ahead of the monthly close only hours away. Taking the latter value, a 3x increment of Chainlink puts LINK at $66 by December of this year.
Using Chainlink’s 2020 performance as a template, the estimate by Mr. Peterson seems conservative given that LINK did 10x between January (average price of $2) and August 2020 when it set dropping to $20k or lower.