Summary:
Chainlink (LINK) could face a 45% price correction if it falls below $12.70.
LINK is at risk of breaking down from a head-and-shoulders reversal pattern, often indicating a downtrend.
Bitcoin (BTC) might plunge below $50,000 before bulls step in.
BTC needs to close and hold above $61,000 for the bull run to resume.
Bitcoin whales have sold over 30,000 BTC in the past month, worth approximately $1.8 billion.
Over 21,000 BTC worth $1.24 billion were sent to crypto exchange platforms in the past week, suggesting potential selling pressure.
Bitcoin and Chainlink Price Predictions: A Bearish Outlook
Crypto trader Ali Martinez warns of a potential 45% price correction for Chainlink (LINK), citing a breakdown from a head-and-shoulders pattern on his charts. This pattern often indicates the start of a downtrend. Martinez predicts LINK could fall below $7.00, currently trading at $12.22.
Martinez also suggests Bitcoin (BTC) could plunge below $50,000 before bulls step in to take advantage of the dip. He highlights a lack of significant support for BTC, with the main demand wall at $47,000. For the bull run to resume, BTC needs to close and hold above $61,000.
Adding to the bearish sentiment, Martinez points out that Bitcoin whales have unloaded tens of thousands of BTC in the last month, worth approximately $1.8 billion. Furthermore, over 21,000 BTC worth $1.24 billion have been sent to crypto exchange platforms in the past week alone, indicating potential selling pressure.
BTC is currently trading at $56,235, experiencing a 1.16% decrease in the past 24 hours.
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