A number one crypto analyst says merchants are staring down the barrel of a loaded altcoin market, able to blow.

Crypto dealer Justin Bennett tells his 109,600 Twitter followers that the altcoin markets, crypto markets excluding Bitcoin (BTC), are getting ready to blow up.

“The altcoin market cap chart is coiled for one thing massive in October.”

Supply: JustinBennettFX/Twitter

Bennett tags the main altcoin by market cap, Ethereum (ETH), in addition to once-hot enterprise resolution blockchain VeChain (VET) alongside the chart.

ETH is buying and selling for $1,354 at time of writing, up 2% on the day.

VeChain, additionally up 2% over the past 24 hours at $0.024, is a brilliant contract blockchain platform for enterprises. It gives an inventory of providers to enhance product lifecycle administration and knowledge certification. Good contracts on VeChain transfer worth by means of VET transactions. The altcoin was sizzling throughout final 12 months’s bear market peak however has fallen off a cliff since, together with a lot of the altcoin market.

However in response to Bennett, VET could also be prepared to start out a comeback.

“VET is beginning to look engaging at this vary low mixed with the falling wedge since August.

Doable vary play for October.”

Supply: JustinBennettFX/Twitter

Hours after he shared the above chart, Bennett shared one other, practically confirming his speculation.

“VET is getting actual shut…”

Supply: JustinBennettFX/Twitter

VeChain is down 91% from its all-time excessive in mid-April of final 12 months.

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Featured Picture: Shutterstock/jiang jie feng/Andy Chipus

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