Cryptocurrency Analyst Predicts Massive Growth for VeChain
A cryptocurrency trader and strategist, Ali Martinez, believes that VeChain (VET), the 33rd-largest cryptocurrency by market capitalization, could see a significant increase in price. Martinez suggests that if VeChain follows a similar price trajectory as it did four years ago, its native token could experience a quadruple-digit surge before the end of this year.
Based on Martinez’s analysis, VeChain’s previous bull run in 2020 resulted in a gain of over 3,000%. This surge was preceded by the crypto asset trading within a specific range for 595 days. Currently, it appears that VeChain has broken above the resistance level of a range that has existed for around 644 days.
Martinez speculates that if history repeats itself, VeChain could potentially reach $0.054 this week, experience a brief correction until June, and then embark on a bull run to $0.70 by November.
Currently, VeChain is trading at $0.0462. To reach Martinez’s target, VET would need to appreciate by an impressive 1,415%.
Potential Upside for Bitcoin
In addition to his bullish sentiment towards VeChain, Martinez also shares his thoughts on Bitcoin (BTC). According to him, Bitcoin has entered a phase that indicates the potential for further gains. He believes that the market has transitioned from a period of anxiety to a new phase of belief, suggesting the possibility of additional upward momentum for Bitcoin before reaching the peak of the bullish cycle.
At the time of writing, Bitcoin is trading at $52,314, reflecting a 17% increase over the past seven days.
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The post This Top-50 Altcoin Could Explode by Over 1,400% if History Repeats, According to Analyst – But There’s a Catch appeared first on The Daily Hodl.
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