A crypto strategist known for making timely altcoin calls warns that corrections for Bitcoin (BTC) and Chainlink (LINK) are imminent.
Pseudonymous analyst altcoin Sherpa tells his 181,900 Twitter followers that Bitcoin is looking strong after BTC declined to below $20,000 from around $21,800 on Friday.
“BTC: I think we will probably go to the $19,000 low. It seems like the next logical jumping off point. The price did not have the strength to rally to $23,000 before continuing to plummet. The price is still fluctuating. I think $17,000 will come eventually.”
Source: Altcoin Sherpa/Twitter
At the time of writing, Bitcoin is changing hands at $20,068, flat rate per day.
Next comes the decentralized oracle network, Chainlink. According to altcoin Sherpa, LINK risks losing over 30% of its value if Bitcoin and Ethereum (ETH) see another corrective move.
“LINK: That’s been enough for three months now. I’m still not sure if this is accumulation or just a pause before another collapse. As with all altcoins, it will depend on BTC/ETH – when that collapses it will be $4.50.”
At the time of writing, Chainlink is trading at $6.53.
The crypto strategist also follows Ethereum price action. Ethereum can still reignite its bullish momentum as long as it stays above the key monthly $1,460 level, according to altcoin Sherpa.
“ETH: These monthly levels are still holding overall. In the short term, prices are still expected to be higher than the current ones. $1,800 is a key level in my opinion.”
At the time of writing, Ethereum is trading at $1,494.
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