Renowned analyst Benjamin Cowen is investigating the state of Chainlink (LINK) to see if the decentralized oracle network is ready to trigger its uptrend.

In one Video Benjamin Cowen recently told his 685,000 YouTube subscribers that Chainlink often “shines” when the crypto market is in decline.

According to Benjamin Cowen , Chainlink’s performance correlates negatively with Bitcoin’s (BTC) price action.

“One of the things I saw in 2019 and 2020 is that LINK does well when Bitcoin is down and sideways. But I don’t know what LINK will do if Bitcoin goes up. Now we have the answer to the question. If Bitcoin goes up, LINK / BTC will most likely go down. “

Cowen also said that Chainlink could now begin an upward cycle in the LINK / BTC pair as Bitcoin has fallen more than 40% from its all-time high of around $ 69,000.

“You can see that LINK / BTC has actually broken out of the long-term accumulation pattern. This marks the beginning of a new uptrend. I think the couple will hit a new all-time high this year. “

LINK / BTC weekly chart | Source: Benjamin Cowen

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