According to Crypto Analyst Justin Bennett, a 2,600% rally for an altcoin could be on the horizon. According to crypto analyst Justin Bennett, an altcoin under the spotlight has the potential to make a quick move 20x or more in the coming months. Details cryptocoin.com‘in.
An altcoin in focus
The closely-followed strategist tells his 75,000 Twitter followers that decentralized supply chain management network VeChain (VET) could be ready to see $1.60 in one condition. Bennett says that as long as Bitcoin (BTC) can make new highs above $65,000, VET should be able to rally 1335% in the next two months. If the crypto markets enter an extended market cycle that will last until next year, the analyst says, VET could even go as high as $3.00, a 2627% rally from current prices. Analyst:”[Bence] Over $65,000 Bitcoin = $1.60 VET by December. “If December peaks below this and the cycle continues into March 2022, VET is likely in the $2 – $3 range.”
In the near term, Bennett immediately sees the $0.13 and $0.14 resistance tests. Vechain’s all-time high of $0.28 is still a 150% move away. At the time of writing, VET is trading at $0.11, up about 10% per day, according to CoinGecko.
Last month, Bennett said that VeChain is associated with the decentralized blockchain platform Cardano (ADA) and tends to make similar price movements a few weeks at a time.
Looking at Bitcoin, the crypto analyst previously said that BTC needs to retrace the $55,300 level to maintain its momentum. With the king coin currently well above the $56,000 level, Bennett seems to be waiting for Bitcoin to take another step.
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