A closely followed crypto analyst is issuing a warning, saying that one popular altcoin could be due for a significant correction.
Crypto trader Ali Martinez tells his 66,600 followers on the social media platform X that decentralized oracle provider Chainlink (LINK) could see a massive dip in price 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, LINK appears to be at risk of breaking down from a head-and-shoulders reversal pattern. In technical analysis, the pattern often indicates the start of an asset’s downtrend.
The trader’s chart also appears to predict LINK tumbling below $7.00. LINK is trading for $12.22 at time of writing, a 1.55% decrease during the last 24 hours.
Moving on to Bitcoin (BTC), Martinez says that Bitcoin may plunge to below $50,000 before BTC bulls step in to take advantage of the dip.
“Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, BTC must close and hold above $61,000.”
The analyst then goes on to highlight that crypto whales have unloaded tens of thousands of BTC in just the last 30 days.
“Bitcoin whales have sold over 30,000 BTC in the past month, worth approximately $1.8 billion!”
He also notes that in the past week alone, 21,000 BTC worth $1.24 billion have been sent to crypto exchange platforms, which could potentially be sold on the open market.
The top crypto asset by market cap is trading for $56,235 at time of writing, a 1.16% decrease during the last 24 hours.
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Generated Image: Midjourney
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