dailyhodl.com
A closely followed crypto analyst is issuing a warning, saying that one popular altcoin could be due for a significant correction.
Crypto trader Ali Martinez tells his 66,600 followers on the social media platform X that decentralized oracle provider Chainlink ($LINK) could see a massive dip in price after failing to maintain a key support level.
Based on the trader’s chart, $LINK appears to be at risk of breaking down from 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 appears to predict $LINK tumbling below $7.00. $LINK is trading for $12.22 at time of writing, a 1.55% decrease during the last 24 hours.
Moving on to Bitcoin ($BTC), Martinez says that Bitcoin may plunge to below $50,000 before $BTC bulls step in to take advantage of the dip.
“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.”
The analyst then goes on to highlight that crypto whales have unloaded tens of thousands of $BTC in just the last 30 days.
“Bitcoin whales have sold over 30,000 $BTC in the past month, worth approximately $1.8 billion!”
He also notes that in the past week alone, 21,000 $BTC worth $1.24 billion have been sent to crypto exchange platforms, which could potentially be sold on the open market.
The top crypto asset by market cap is trading for $56,235 at time of writing, a 1.16% decrease during the last 24 hours.
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