dailyhodl.com
Cryptocurrency trader Ali Martinez is highlighting a key resistance level which, if broken, could see Bitcoin ($BTC) hitting a new all-time high.
Martinez tells his 58,900 followers on the social media platform X that Bitcoin could soar by up to 36% from the current level if $BTC manages to climb above a key resistance level.
However, the trader says that Bitcoin could also fall by up to 18% if a key support level crumbles.
“By the looks of it, Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important resistance level.
If $BTC breaks below support, it could drop to $56,200 or $51,600. But if $BTC can break past resistance, the next price targets are $79,000 and $86,000!”
Bitcoin is trading at $63,050 at time of writing.
Turning to Ethereum (ETH), Martinez says that a major support level for the second-largest crypto asset by market cap lies between $2,000 and $2,430 where approximately 9.37 million addresses hold around 52.83 million Ether.
Ethereum is trading at $3,050 at time of writing.
Next up is the native token of the supply chain tracking blockchain VeChain ($VET). According to Martinez, $VET appears to be mirroring the price action it exhibited between June and December of 2020. The trader says $VET could pull back by around 18% before turning upwards.
“If this pattern holds, $VET might pull back to the channel’s upper boundary at $0.032, potentially setting the stage for a continued bull run!”
VeChain is trading at $0.0389 at time of writing.
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