Cryptocurrency trader and strategist Ali Martinez is expressing bullish sentiment for an altcoin currently ranked 33rd-largest by market cap.
Martinez tells his 45,100 followers on the social media platform X that the native token of the enterprise blockchain VeChain (VET) could witness a quadruple-digit increase in its price before the end of the year if it follows the same price trajectory as four years ago.
Based on the analyst’s chart, VeChain’s bull run in 2020 that resulted in a gain of over 3,000% was preceded by the crypto asset trading in a range of 595 days. Currently, it appears that VeChain has broken above the resistance level of a range that has existed for around 644 days.
“It feels like it will be a big week for VeChain! If history repeats itself, VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November!”
VeChain is trading at $0.0462 at time of writing. VET would need to appreciate by 1,415% to reach Martinez’s target.
Turning to Bitcoin (BTC), Martinez says that the flagship crypto asset has entered a phase that signals the potential for further gains.
“Currently, it seems the market has just emerged from a period of anxiety and has re-entered a new phase of belief. This transition suggests that we might see additional upward momentum for Bitcoin before reaching the peak of euphoria that characterizes the end of the bullish cycle.”
Bitcoin is trading at $52,314 at time of writing, up by 17% over the past seven days.
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