Justin Bennett Predicts Massive Move For VeChain, Under One Condition
According to Justin Bennett, a prominent crypto analyst and trader, the native token of blockchain based supply chain platform VeChain (VET) could make massive moves, if Bitcoin stays on the trajectory and reaches previous highs and beyond.
Bennett shares with his 75K followers on Twitter followers that decentralized supply chain management network VeChain (VET) could climb as high as $1.60 under one condition.
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, the trader predicts. If the crypto markets goes on an extended market cycle that carries on into next year, VET might go as high as $3.00, which is a 2627% rally from current prices, Bennett says.
“Bitcoin above $65,000 = $1.60 VET by December, IMO.
If December peaks short of that and the cycle runs until March 2022, VET is likely in the $2 – $3 range.”
#Bitcoin above $65,000 = $1.60 $VET by December, IMO.
Looking at VET in short term, there are immediate tests of resistances at $0.13 and $0.14, according to Bennett. Vechain’s all-time high is $0.28, which is still a 150% move away. At time of writing, VET is trading $0.12, up almost 10% on the daily chart, according to CoinMarketCap.
Bennett looked into VET last month and said that the price path was correlated with decentralized blockchain platform Cardano (ADA), looked to mimic the price moves a few weeks afterward each time.
And just like that, $VET is curling up, and $ADA is curling down like clockwork.
Regarding Bitcoin, Bennett earlier said that BTC had to reclaim the $55,300 level to maintain its momentum. At the time of writing Bitcoin trades at $58,000, which would mean, the trader expects another leg up for Bitcoin.
