A crypto strategist known for making timely altcoin calls is warning that corrections are imminent for Bitcoin (BTC) and Chainlink (LINK).
Pseudonymous analyst Altcoin Sherpa tells his 181,900 Twitter followers that Bitcoin is looking heavy after BTC retraced from about $21,800 to below $20,000 on Friday.
“BTC: I think we’re probably going to go to the low $19,000. It seems like the next logical bounce spot. Price didn’t have the strength to get up to $23,000 before dumping further. Price is still ranging. I do believe that $17,000 is going to come eventually.”
At time of writing, Bitcoin is changing hands for $20,068, flat on the day.
Next up is decentralized oracle network Chainlink. According to Altcoin Sherpa, LINK is in danger of losing over 30% of its value if Bitcoin and Ethereum (ETH) witness another corrective move.
“LINK: this has ranged for three months now. Still unsure if this is accumulation or just pause before another breakdown. As with all altcoins, it’s going to depend on BTC/ETH – if those break down, this is going to like $4.50.”
At time of writing, Chainlink is trading hands for $6.53.
The crypto strategist is also following the price action of Ethereum. According to Altcoin Sherpa, Ethereum can still reignite its bullish momentum as long as it stays above the key monthly level of $1,460.
“ETH: these monthly levels are still holding overall. Still expecting higher than current prices in the short term. $1,800 is a key level in my opinion.”
At time of writing, Ethereum is trading at $1,494.
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