A well-known crypto analyst is sounding the alarm, suggesting that a popular alternative cryptocurrency may be on the verge of a notable decline.
Ali Martinez, a crypto trader, is cautioning his 66,600 followers on the social media platform X that decentralized oracle provider Chainlink (LINK) might experience a substantial drop in its price after failing to sustain a crucial support level.
According to Martinez, “LINK could potentially undergo a 45% price correction if it dips below $12.70!”
Martinez’s analysis indicates that LINK is currently displaying signs of a head-and-shoulders reversal pattern, suggesting a possible commencement of a downtrend in the asset’s value.
Furthermore, Martinez predicts that LINK could fall below $7.00 based on the data from his chart. As of the time of writing, LINK is being traded at $12.22, reflecting a 1.55% decrease in the past 24 hours.
Turning attention to Bitcoin (BTC), Martinez anticipates a potential drop in its value to below $50,000 before the bullish investors intervene to capitalize on the dip.
He states, “Bitcoin is currently lacking substantial support. The primary key support level stands at around $47,000, and for the bullish trend to resume, Bitcoin must achieve and retain a value above $61,000.”
Moreover, Martinez points out that crypto whales have offloaded a significant number of BTC, totaling over 30,000 BTC in the previous month, equivalent to approximately $1.8 billion in value.
Additionally, in the past week alone, 21,000 BTC valued at $1.24 billion have been transferred to various crypto exchange platforms, possibly indicating intentions for sale in the open market.
At the time of writing, the leading cryptocurrency by market capitalization, Bitcoin, is being traded at $56,235, reflecting a 1.16% decrease in the last 24 hours.
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