A closely followed crypto analyst is sounding the alarm on a potential major correction for a well-known altcoin, as well as signaling caution for Bitcoin's near future. Crypto trader Ali Martinez, leveraging his substantial following of 66,600 on a popular social media platform, is pointing the spotlight towards Chainlink (LINK) and Bitcoin (BTC) with some intriguing predictions.
Martinez has thrown a curveball at LINK enthusiasts, suggesting that the decentralized oracle provider might be in for a rough ride. According to his analysis, LINK is teetering on the edge of a significant price correction, potentially dropping by 45% if it dips below the $12.70 mark. This prediction stems from LINK's current precarious position, hovering around a critical support level which, if breached, could signal the beginning of a downturn.
"LINK faces a potential 45% price correction if it falls below $12.70!" Martinez warns, highlighting a concerning head-and-shoulders reversal pattern on his chart. This pattern is often seen as a precursor to a bearish trend in technical analysis. At the time of writing, LINK is trading at $12.22, marking a 1.55% decline in the last 24 hours, further fueling speculation about its stability.
Martinez doesn't stop with Chainlink; he also casts a shadow of doubt over Bitcoin's short-term prospects. According to his analysis, Bitcoin could plummet below the $50,000 threshold unless it finds solid support soon. "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," he elaborates.
Further compounding Bitcoin's precarious position is the recent behavior of crypto whales. Martinez notes, "Bitcoin whales have sold over 30,000 BTC in the past month, worth approximately $1.8 billion!" In addition, the past week has seen a surge in BTC being moved to exchange platforms, to the tune of 21,000 BTC worth $1.24 billion, hinting at a potential sell-off in the open market. As of this writing, Bitcoin is trading at $56,235, experiencing a 1.16% drop over the last 24 hours.
Martinez's analysis paints a cautionary picture for both Chainlink and Bitcoin investors. With technical indicators and whale activity suggesting potential downturns, the crypto market appears to be at a pivotal moment. What are your thoughts on these predictions? Do you think LINK and BTC are poised for corrections, or will they defy expectations? Share your insights and join the conversation below.
Remember, investing in cryptocurrencies is inherently risky, and it's crucial to conduct your own research before making investment decisions.
