VeChain Up 40% Since Bottom. CryptoMich: Some Altcoins Could Go 10x
As Bitcoin retreats below $60,000 again and whales do some profit taking, analysts are already lining themselves up for two things. The first one is to know where whales will buy the Bitcoin dip again, and the second is to know which altcoin will rally as traders count their Bitcoin profits.
The market can easily give 5-10x returns on #altcoins from here.— Michaël van de Poppe (@CryptoMichNL) October 22, 2021
But please, and I'm dead serious on this.
Take your profits and don't look back for 1-2 years.
The markets aren't going up all the time.
If you make life-changing money, accept and run. Don't become greedy.
Dutch trader and renowned crypto analyst Michael van de Poppe, also known as CryptoMich, claimed that altseason (the period that usually follows the Bitcoin consolidation period after the world’s biggest crypto see a major move up) could have serious consequences this time round as we enter the final months of 2021.
Michael stated that at this point, the market can easily give 5-10x returns on altcoins from here.
40% since bottom call
One of the altcoins he pointed to only a few weeks ago was VeChain, the small supply chain coin with a massive following on social media. CryptoMich, together with fellow analyst Wolf of all Streets (real name Scott Melker), had pointed to the 9 cents level for VeChain as the bottom about a month ago.
Decent move of $VET today.— Michaël van de Poppe (@CryptoMichNL) October 21, 2021
Ever since then, it has indeed gone up to trade at 13 cents, or a 40% rise. It is unknown where a possible altseason could leave VeChain.
Both analysts are still tweeting about the small altcoin, but our colleagues over at FX street were clearest as to what would happen next, stating:
VeChain price first needs to close above the prior swing high at $0.15. From there, the 2021 Volume Profile becomes very thin until $0.20. As a result, bulls may face some resistance at the $0.20 value area before moving higher to test the prior all-time highs at $0.27.