Altcoins
Crypto Trader Says Blue-Chip Altcoin Could Crash 45%, Upgrades Bitcoin Forecast
A widely followed cryptocurrency analyst is warning that a popular altcoin could be due for a significant correction.
Cryptocurrency trader Ali Martinez tells his 66,600 followers on the social media platform X that has decentralized oracle provider Chainlink (CONNECTION) could see a sharp price decline after failing to hold a key support level.
“LINK risks a potential 45% price correction if it drops below $12.70!”
Source: Ali Martinez/X
Based on the trader’s chart, LINK appears to be at risk of breaking out of 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 seems to predict a LINK drop below $7.00. At the time of writing, LINK is trading at $12.22, down 1.55% in the last 24 hours.
Let’s move on to Bitcoin (BTC), Martinez He says that Bitcoin could drop below $50,000 before BTC bulls step in to take advantage of the dip.
“Bitcoin currently has no significant support. The main key demand wall is around $47,000, and for the bull run to resume, BTC needs to close and hold above $61,000.”
The analyst then continues: make evident that cryptocurrency whales have dumped tens of thousands of BTC in the last 30 days alone.
“Bitcoin whales sold over 30,000 BTC last month, worth about $1.8 billion!”
Also note that last week alone, 21,000 BTC were traded worth $1.24 billion. envoy to cryptocurrency exchange platforms, which could potentially be sold on the open market.
At the time of writing, the top cryptocurrency by market cap is trading at $56,235, down 1.16% over the past 24 hours.
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