Is the background for Chainlink? Crypto analyst Benjamin Cowen outlines the way forward for LINK

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Popular crypto strategist and trader Benjamin Cowen examines the state of Chainlink (LINK) to see if the decentralized Oracle network is ready to trigger its uptrend.

In a new strategy session, Cowen tells his 685,000 YouTube subscribers that Chainlink is the “light” when crypto markets are bearish.

According to Cowen, Chainlink’s performance is inversely correlated with the price action of Bitcoin (BTC).

“One of the things we asked ourselves in 2019 and 2020 was that we know LINK works well when Bitcoin is bearish and when Bitcoin goes awry. But we don’t know what LINK will do when Bitcoin goes bullish. We now have the answer to the question. If we didn’t know that before, all questions are put aside now. If Bitcoin is bullish, LINK / Bitcoin will most likely bleed.

Cowen also says that with Bitcoin falling more than 40% from its all-time high of around $ 69,000, Chainlink is now able to start its bull cycle against the major cryptocurrency (LINK / BTC).

“You can see that we actually broke (LINK / BTC). We broke up. If we look at it on a log scale, this is what it looks like… So even if you look at the market like that, you could argue that we still broke even on a log scale. Now, of course, we would like to see weekly closings. We don’t want it to be just a wick.

Source: Benjamin Cowen / YouTube

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