Cryptocurrency Trader Predicts Major Altcoin Could Plunge by 45%, Provides Updated Bitcoin Forecast

An expert in cryptocurrency analysis has sounded the alarm, cautioning that a well-known alternative coin may be on the brink of a substantial downturn.

Noted crypto market expert Ali Martinez informs his social media audience of 66,600 on platform X that Chainlink (LINK), the decentralized oracle network, might experience a steep price drop after it struggled to hold on to an essential support threshold.

“LINK could endure a rough 45% downturn if it plunges beneath $12.70!”

According to Martinez’s tracking, LINK is showing signs of succumbing to the pressure of a head-and-shoulders technical pattern, often a prelude to a price descent.

Martinez also predicts a potential tumble for LINK going under $7.00. Chainlink’s trading value at the moment of writing stands at $12.22, reflecting a 1.55% decline in the past day.

Shifting focus to Bitcoin (BTC), Martinez mentions that the leading cryptocurrency might descend beneath $50,000 before buyers rally during the low.

“Bitcoin is missing significant support lines right now; $47,000 marks the principal demand zone, and to restore the bull run, BTC needs to secure a close above $61,000.”

Martinez goes on to reveal that large-scale Bitcoin holders have parted with tens of thousands of BTC in under a month.

“Bitcoin’s heavy hitters have parted with over 30,000 BTC in the last month, tallying approximately $1.8 billion in worth!”

In the span of one week, these whales have transferred 21,000 BTC, valued at $1.24 billion, to cryptocurrency exchanges, possibly signaling a market sell-off.

Bitcoin presently exchanges hands at $56,235, down by 1.16% in the last day.

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