Cryptocurrency trader Ali Martinez is drawing attention to a critical resistance level that, if breached, could lead to Bitcoin (BTC) reaching a new record 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 potentially surge by up to 36% from its current position. However, Martinez warns that Bitcoin could also experience a decline of up to 18% if a crucial support level crumbles.

Based on his analysis, Martinez states that Bitcoin has been consolidating within a parallel channel, with $61,000 being the most significant support level and $72,400 being the most crucial resistance level. Should BTC fall below the support level, it could decline to $56,200 or $51,600. Conversely, if BTC breaks through the resistance level, the next price targets would be $79,000 and $86,000.

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

Moving on to Ethereum (ETH), Martinez identifies a major support level for the second-largest cryptocurrency by market cap, ranging from $2,000 to $2,430. Approximately 9.37 million addresses hold around 52.83 million Ether within this range.

Ethereum is currently trading at $3,050.

Next, Martinez examines VeChain (VET), the native token of the supply chain tracking blockchain. He observes that VET appears to be following a similar price pattern to that seen between June and December of 2020. Martinez suggests that VET may experience a pullback of around 18% before resuming an upward trend.

“If this pattern holds, VET might retreat to the upper boundary of the channel at $0.032, potentially paving the way for a continued bull run!”

As of now, VeChain is trading at $0.0389.

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