A crypto trader says a mid-cap altcoin flying under the radar looks primed to repeat Chainlink’s (LINK) blistering rally during the 2020 bull cycle.
Pseudonymous analyst Inmortal tells his 231,800 followers on the social media platform X that he’s bullish on the native asset of the layer-2 scaling solution Mantle (MNT).
According to Inmortal, MNT appears to be mirroring Chainlink’s consolidation from 2019 to 2020, which preceded LINK’s ascent from a low of $1.36 to a high of $53 – a whopping 3,797% explosion.
“MNT gives me early LINK vibes.
Many people think the bull market is over, but there are coins like Mantle that haven’t even started it yet.
Conviction play for me.”
Looking at the trader’s chart, he seems to suggest that MNT could soar to as high as $6 by next year. At time of writing, MNT is worth $0.66.
Turning to Bitcoin, Inmortal says BTC’s reaction at one crucial price area will determine whether the crypto king will see new lows this cycle. The trader shares a chart suggesting that BTC may mirror its 2022 price action when it briefly soared above $45,000 before plunging to a bear market low at $16,000.
But Inmortal highlights that the bearish outlook will be invalidated if Bitcoin flips a key price level as support.
“$95,000 is where we find out if this bounce is a:
a) Last exit before new lows
b) Local bottom
BTC.”
At time of writing, Bitcoin is worth $87,355.
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Generated Image: Midjourney
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