Cryptocurrency trader Ali Martinez is drawing attention to a crucial resistance level that, if breached, could lead to Bitcoin (BTC) reaching a new record high. Martinez, who has a following of 58,900 on the social media platform X, suggests that Bitcoin could surge by up to 36% if it manages to surpass this key resistance level. However, Martinez also warns that Bitcoin could experience a decline of up to 18% if a significant support level collapses.
Martinez explains, “From what I can see, Bitcoin has been consolidating within a parallel channel, with $61,000 serving as the most critical support level and $72,400 as the most significant resistance level. If BTC falls below the support level, it could drop to $56,200 or even $51,600. On the other hand, if BTC successfully breaks through the resistance, the next target prices are $79,000 and $86,000!”
Bitcoin is currently trading at $63,050 at the time of writing.
Moving on to Ethereum (ETH), Martinez explains that a major support level for the second-largest cryptocurrency lies between $2,000 and $2,430, where approximately 9.37 million addresses hold around 52.83 million Ether.
At present, Ethereum is trading at $3,050.
Lastly, Martinez analyzes the native token of the VeChain blockchain, VeChain (VET). He notes that VET seems to be exhibiting a similar price pattern to what it displayed between June and December of 2020. Martinez speculates that VET could experience a pullback of around 18% before resuming its upward trajectory.
“If this pattern holds true, VET may retract to the upper boundary of the channel at $0.032, potentially setting the stage for a continued bull run!” he adds.
VeChain is currently trading at $0.0389.
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