- Crypto analyst Timothy Peterson, sees LINK hitting $7 in two to three weeks
- His analysis is based on ChainLink’s adoption curve
- Additionally, he was one of the first to identify LINK’s rally in Q3 as a potential bubble
- Mr. Peterson has often highlighted that LINK’s value is correlated to ChainLink’s function calls and the latter has dropped since September
Crypto Analyst Timothy Peterson of Cane Island Alternative Advisors has estimated that ChainLink (LINK) will be valued at $7 in the next two to three weeks. Mr. Peterson used ChainLink’s adoption curve to come up with this value as seen in his original tweet below.
— Timothy Peterson (@nsquaredcrypto) September 30, 2020
ChainLink’s Value is Influenced by Function Calls on the Network
Mr. Peterson’s prediction of a LINK value of $7 comes after he had correctly predicted that ChainLink would be below $10 by the end of September. Furthermore, he had established that ChainLink’s price was influenced by function calls on the network. These calls on the ChainLink network had dropped significantly beginning early September. Below is the original tweet with his analysis of LINK hitting $10 due to reduced network usage.
#ChainLink‘s price is heavily influenced by function calls – actual use of the ChainLink network. Those calls have dropped back down to trend, I expect price to follow. See Valuing ChainLink With Metcalfe’s Law https://t.co/aaCqAGEbFd pic.twitter.com/TXIbj53qfF
— Timothy Peterson (@nsquaredcrypto) September 5, 2020
ChainLink’s Rally in Q3 Was a Bubble
To top it all off and a week before ChainLink hit its all-time high value of $20, Mr. Peterson had warned that LINK’s price action resembled a bubble and that investors should be cautious moving forward.
His advice of a bubbly ChainLink was issued on the 9th of August when LINK was valued at approximately $15. Less than a week later, ChainLink would hit its all-time high and begin its massive correction that has LINK currently trading at $9.20.
— Timothy Peterson (@nsquaredcrypto) August 9, 2020
How Low Can ChainLink Go?
The $5 to $8 price range continues to look like a possible bottom for ChainLink (LINK). However, the team at Zeus Capital is convinced that LINK will go as low as $4 and lower as demonstrated in their initial report calling ChainLink vaporware.
In the short term, the $9 price level is providing adequate support around the previous all-time high value of $8.80 set in mid-July.