A closely watched crypto analyst is issuing a warning, saying a popular altcoin could see a significant correction.
Crypto trader Ali Martinez tells its 66,600 followers on social media platform X, decentralized oracle provider Chainlink (LINK) could see a massive price drop after failing to maintain a key support level.
“LINK faces a potential 45% price correction if it falls below $12.70!”
Based on the trader’s chart, it appears that LINK is at risk of breaking out of a head-and-shoulders reversal pattern. In technical analysis, the pattern often indicates the beginning of an asset’s downward trend.
The trader’s chart also seems to predict that LINK will fall below $7.00. LINK is trading at $12.22 at the time of writing, down 1.55% over the past 24 hours.
We continue with Bitcoin (BTC), Martinez say that Bitcoin could fall below $50,000 before the BTC bulls step in to take advantage of the dip.
“Bitco currently lacks significant support. The main demand wall is around $47,000, and to resume the bull run, BTC needs to close and stay above $61,000.”
The analyst then continues Highlight that crypto whales have offloaded tens of thousands of BTC in the last 30 days.
“Bitcoin Whales sold over 30,000 BTC last month, worth approximately $1.8 billion!”
He also notes that 21,000 BTC worth $1.24 billion was hacked in the past week alone. sent to crypto exchange platforms, which could potentially be sold on the open market.
The top crypto asset by market cap is trading at $56,235 at the time of writing, down 1.16% over the past 24 hours.
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Generated image: Midjourney