One under-the-radar altcoin has the potential to embark on a swift 20x move or more in the coming months, according to crypto analyst Justin Bennett.
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 under one condition.
Bennett says that as long as Bitcoin (BTC) can make new highs above $65,000, VET should be able to pull off a 1335% rally in the next two months. If the crypto markets end up going on an extended market cycle that lasts well into next year, then the analyst says VET may even be able to make it as high as $3.00, which is a 2627% rally from current prices.
“Bitcoin above $65,000 = $1.60 $VET by December, [in my opinion].
If December peaks short of that and the cycle runs until March 2022, #VET is likely in the $2 – $3 range.”
In the near term, Bennett sees immediate tests of resistances at $0.13 and $0.14. Vechain’s all-time high is $0.28, which is still a 150% move away. At time of writing, VET is trading $0.11, up nearly 10% on the day, according to CoinGecko.
“$VET looks even better now.”
Last month, Bennett said that VeChain was correlated with decentralized blockchain platform Cardano (ADA), and tended to make similar price moves a few weeks afterward each time.
Looking at Bitcoin, the crypto analyst previously said that BTC needed to reclaim the $55,300 level to maintain its momentum. With the king crypto now well above the $56,000 level at time of writing, Bennett appears to expect Bitcoin to attempt another leg up.
“‘Unless $BTC can reclaim $55,500’
Absolute beast mode!”
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