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 making ready to blow up.

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

Supply: JustinBennettFX/Twitter

Bennett tags the main altcoin by market cap, Ethereum (ETH), in addition to once-hot enterprise answer 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 great contract blockchain platform for enterprises. It provides a listing of providers to enhance product lifecycle administration and knowledge certification. Sensible contracts on VeChain transfer worth by VET transactions. The altcoin was sizzling throughout final 12 months’s bear market peak however has fallen off a cliff since, together with many of the altcoin market.

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

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

Potential vary play for October.”

Supply: JustinBennettFX/Twitter

Hours after he shared the above chart, Bennett shared one other, almost 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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