Cryptocurrency trader Ali Martinez is drawing attention to a crucial resistance level that could potentially propel Bitcoin (BTC) to reach a new all-time high. Martinez, who has a following of 58,900 on the social media platform X, suggests that if BTC manages to surpass this resistance level, it could surge by up to 36% from its current position. Conversely, Martinez warns that if a key support level collapses, Bitcoin could experience a significant decline of up to 18%.

Martinez explains, “Bitcoin has been consolidating within a parallel channel, with $61,000 serving as the most critical support level and $72,400 as the most significant resistance level. If BTC breaks below the support, it may drop to $56,200 or $51,600. However, if BTC successfully breaks through the resistance, the next price targets are $79,000 and $86,000!”

At the time of writing, Bitcoin is trading at $63,050.

Shifting focus to Ethereum (ETH), Martinez identifies a major support level for the second-largest cryptocurrency by market cap, which lies between $2,000 and $2,430. Approximately 9.37 million addresses hold around 52.83 million Ether within this range.

Currently, Ethereum is trading at $3,050.

Moving on to the native token of the supply chain tracking blockchain VeChain (VET), Martinez observes that VET seems to be replicating the price action it exhibited between June and December of 2020. The trader suggests that VET could experience a pullback of roughly 18% before resuming an upward trend.

Martinez states, “If this pattern holds, VET might pull back to the upper boundary of the channel at $0.032, potentially setting the stage for a continued bull run!”

At the time of writing, VeChain is trading at $0.0389.

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