A Crypto Analyst Warns of Potential Plunge for Ethereum-Based Altcoin
A well-known crypto analyst has issued a cautionary statement, suggesting that an Ethereum-based altcoin may experience a significant drop after being rejected from a critical level. The anonymous strategist, known as Rekt Capital, shared on the social media platform X that Chainlink (LINK), a decentralized oracle provider, has broken below the diagonal support of an ascending channel chart pattern. To prevent a deeper corrective move, LINK must hold its immediate support at around $13.50.
Bitcoin’s Potential Parabolic Surge After Halving Event
Rekt Capital also offers insights into Bitcoin (BTC) and predicts that the top cryptocurrency will go parabolic in 2024 following the halving event in April. Historically, halving events have coincided with Bitcoin bull runs. The strategist suggests that BTC will experience a pre-halving correction followed by a rally, then a dip, and finally post-halving re-accumulation before entering a phase of parabolic upside. BTC has already confirmed a breakout by successfully retesting the top of its trading range as support, setting the stage for a potential move above $45,000.
Hot Take: Key Takeaways
A crypto analyst warns that Chainlink (LINK), an Ethereum-based altcoin, may face a significant drop after breaking below crucial support. Meanwhile, Bitcoin (BTC) is predicted to go parabolic in 2024 after the halving event in April. BTC has already confirmed its breakout by retesting the top of its trading range as support. These developments suggest potential market movements for both LINK and BTC in the coming months.
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