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.
[adinserter block="1"]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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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