Crypto Analyst Predicts Big Drops for Chainlink and Bitcoin

A popular crypto analyst is warning investors about potential price crashes for both Chainlink (LINK) and Bitcoin (BTC).

Chainlink Could Dive 45%

The analyst, Ali Martinez, says that Chainlink, a popular decentralized oracle provider, could see a massive price drop if it falls below a key support level of $12.70. He believes that LINK could lose as much as 45% of its value.

Martinez’s analysis is based on a technical pattern called a “head-and-shoulders reversal,” which often indicates the start of a downtrend. He predicts that LINK could fall below $7.00.

Bitcoin Faces Challenges

Martinez also warns about potential trouble for Bitcoin. He believes that Bitcoin could plunge below $50,000 before bulls step in to buy the dip. He says that Bitcoin currently lacks significant support and needs to close and hold above $61,000 to resume its bull run.

The analyst also points out that large investors, known as “whales,” have been selling off Bitcoin in recent weeks. Over the past month, whales have sold more than 30,000 BTC, worth approximately $1.8 billion. In the last week alone, 21,000 BTC, worth $1.24 billion, have been sent to crypto exchanges, which could potentially be sold on the open market.

Important Note

It’s important to remember that these are just predictions from one analyst. The crypto market is volatile and unpredictable, and prices can change quickly. Investors should always do their own research and never invest more than they can afford to lose.