Benjamin Cowen Looks Into Chainlink (LINK) And Projects Its Next Moves

A top crypto analyst and trader Benjamin Cowen is looking into Chainlink (LINK) and lays out what could be next for the decentralized oracle network.

In a recent video, Cowen shared with his YouTube channels 685K subscribers that Chainlink usually performs well, when Bitcoin looks bearish. Chainlink’s performance is inversely correlated to the price action of Bitcoin (BTC), the analyst says.

“One of the things that we asked ourselves back in 2019 and 2020 was that we know LINK does well when Bitcoin is bearish and when Bitcoin is going sideways. But we do not know what LINK will do when Bitcoin is bullish. We now have the question answered. If we didn’t know before, all questions are put aside now. If Bitcoin is bullish, LINK/Bitcoin is most likely going to bleed.”

Bitcoin dropping over 40% from its all-time high around $69,000, Chainlink looks to be in a good position to start rallying against the top digital asset (LINK/BTC), according to the analyst.

“You can see that we actually have broken out (LINK/BTC). We have broken out to the upside. If we look at it on a log scale, that’s what it looks like… So even if you looked at the market like that, you could argue that we’ve still broken out even on a log scale. Now, of course, we would like to see weekly closes. We don’t want it to just be a wick.”