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cryptocurrency September 20, 2020

Crypto Analyst: ChainLink's Annual Returns Could Mimic an Early BTC 2

Quick take:

  • Timothy Peterson has predicted that Chainlink will exhibit early Bitcoin returns of 300 – 400% per year
  • The value of LINK is very much linked to the adoption of the ChainLink network
  • More crypto projects continue to integrate ChainLink technology
  • Timothy Peterson has also foreshadowed a possible bottom for LINK in late September

In a recent tweet, Crypto Analyst Timothy Peterson of Cane Island Alternative Advisors has predicted that ChainLink (LINK) is on a path towards experiencing returns similar to an early Bitcoin of 300 – 400% per year. According to Mr. Peterson, the price of LINK is very much linked to the adoption of the ChainLink network.

Below is his tweet providing his analysis which includes a chart comparing LINK’s current price and its lowest value forward.

Use of ChainLink’s Price Feeds and Oracles Continues to Grow

Mr. Peterson has constantly used Metcalfe’s Law to highlight the relation between network activity and the value of the associated token. In this case, activity on the ChainLink network continues to grow with multiple crypto projects signing up to use the project’s price feeds.

In this past week alone, several crypto projects have announced their use of ChainLink’s price feeds. To begin with, TrustSwap announced that it will be using ChainLink’s ETH/USD price reference data for its SmartLock and SmartEscrow products.

Other crypto projects that announced the integration of ChainLink technology in the last week include SpectreAI, Matic Network, Zapper, Hacken, XinFin Network, Baseline protocol and Crypto.com.

A Possible Bottom for ChainLink in Late September

In terms of the short term value of ChainLink in the crypto markets, Timothy Peterson has suggested that late September could be a possible time-frame for LINK to bottom in the crypto markets. He shared his price analysis of ChainLink via the following tweet that also highlighted that its value is tied to unique function calls on the ChainLink network.

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