Altcoins
Crypto Trader Says Top Altcoin Could Drop 45%, Updates Bitcoin Outlook
A widely followed crypto analyst is warning that a popular altcoin could be in for a major correction.
Ali Martinez, cryptocurrency trader tell its 66,600 followers on social media platform X that decentralized oracle provider Chainlink (LINK) could see a massive price drop after failing to hold a key support level.
“LINK faces a potential 45% price correction if it falls below $12.70!”
Source: Ali Martinez/X
According to the trader’s chart, LINK appears to be about to break out of a head and shoulders reversal pattern. In technical analysis, the pattern often indicates the beginning of an asset’s downtrend.
The trader’s chart also seems to predict that LINK will drop below $7.00. LINK is trading at $12.22 at the time of writing, down 1.55% in the last 24 hours.
Now let’s move on to Bitcoin (Bitcoin), Martinez said that Bitcoin could dip below $50,000 before BTC bulls step in to take advantage of the decline.
“Bitcoin is currently lacking significant support. The main key demand wall is around $47,000, and for the uptrend to resume, BTC must close and hold above $61,000.”
Source: Ali Martinez/X
The analyst then moves on to emphasize that crypto whales have dumped tens of thousands of BTC in the last 30 days alone.
“Bitcoin whales have sold over 30,000 BTC in the past month, worth around $1.8 billion!”
Source: Ali Martinez/X
He also notes that in the last week alone, 21,000 BTC worth $1.24 billion were traded. sent to cryptocurrency exchange platforms, which could potentially be sold on the open market.
The largest crypto asset by market cap is trading at $56,235 at the time of writing, down 1.16% in the last 24 hours.
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