Cryptocurrency Trader Warns of 45% Plummet for Top Altcoin, Revises Bitcoin Forecast
A prominent cryptocurrency analyst is sounding the alarm, suggesting that a well-known alternative coin could be on the brink of a significant downturn.
Ali Martinez, a crypto trader with a substantial following on the social media platform X, is cautioning his audience of 66,600 individuals that Chainlink (LINK), a decentralized oracle provider, might experience a substantial drop in value due to its failure to sustain a crucial support level.
According to Martinez, there is a potential 45% price correction looming for LINK if it dips below the $12.70 mark. His analysis indicates that LINK is currently at risk of breaking down from a head-and-shoulders reversal pattern, a technical indicator often signaling the beginning of a downtrend for an asset.
Martinez’s chart further suggests that LINK could plummet below $7.00. As of the time of writing, LINK is trading at $12.22, reflecting a 1.55% decrease over the past 24 hours.
Shifting focus to Bitcoin (BTC), Martinez predicts that Bitcoin may slide below $50,000 before bullish investors intervene to capitalize on the decline. He emphasizes the absence of significant support for Bitcoin at present, noting that the key demand level stands around $47,000. To reignite the bull market, BTC must close and maintain levels above $61,000.
Moreover, the analyst underscores that crypto whales have offloaded tens of thousands of BTC in the last month alone, totaling approximately $1.8 billion in value. In the previous week, a staggering 21,000 BTC, equivalent to $1.24 billion, have been transferred to cryptocurrency exchanges, potentially indicating intentions to sell on the open market.
At the time of reporting, Bitcoin, the leading cryptocurrency by market capitalization, is trading at $56,235, marking a 1.16% decline over the past 24 hours.
It is essential for investors to remain vigilant and informed about these market dynamics to make well-informed decisions regarding their cryptocurrency holdings. As the crypto landscape continues to evolve rapidly, staying abreast of expert analyses and market trends is crucial for navigating the volatile nature of digital assets effectively.
