VeChain Moves In Bitcoin Tandem And Twitter CEO Slammed For Hyperinflation Warning

---

Ethereum hit a new all time high which most of the major analysts celebrated, VeChain is apparently moving alongside Bitcoin and Twitter CEO Jack Dorsey warned over hyperinflation. US media was not too happy about his tweet.

4.4k all day. $ETH

(Let’s try this again)

— The Wolf Of All Streets (@scottmelker) October 29, 2021

VeChain to $1

Just as Bitcoin blew off from a temporary top this week and has seen selling pressure since, so did small altcoin VeChain. It lost some 20% ever since reaching a temporary high, but has been steadily climbing up again. According to famed crypto analyst Justin Bennet, it now moves in tandem with Bitcoin.

He claimed in his weekly newsletter that VeChain’s resistance level will be back to $0.155 if Bitcoin has already hit its bottom price.

$VET just closed back above the September 29th trend line on the 4-hour time frame.

Back to 0.15+#VET #VeChain #VeFam pic.twitter.com/ZUDUfrcwNQ

— Justin Bennett (@JustinBennettFX) October 29, 2021

However, a deeper correction toward $53,000 BTC could put VET in the $0.10 to $0.11 range, especially as we’ve seen VET/BTC reach resistance and sell-off today. Of course, if the bottom for Bitcoin is already in, then VET should hold its current level and move back to $0.155 resistance.

Why is $VET going to $1+?

• First-class team
• Big-name partners
• Working product
• $9B market cap in a $50T SC industry
• Multi-industry use case
• The charts are pure art

But the x-factor is this…

The #VeFam is one of the strongest communities in crypto. 💪

— Justin Bennett (@JustinBennettFX) October 25, 2021

Bennett is still convinced that VeChain will go to $1 as the VeChain family ‘is one of the strongest communities in crypto.’

Dorsey’s self-serving warning

By now, most US media has admitted that the Fed’s analysis of a few months ago that high inflation levels were only ‘transitory’ are wrong. Inflation is apparently here to stay and some believe that this could lead to terms like stagflation and hyperinflation.

Jack Dorsey says hyperinflation is coming to the U.S. “soon” and it’s “going to change everything” https://t.co/rn6GZaW56D

— Not the Bee (@Not_the_Bee) October 25, 2021

One of those believers is Twitter CEO Jack Dorsey, who earlier this week claimed that hyperinflation was on the way and it would ‘change everything.’

Most media analysts were not too happy about this gloomy forecast and claimed that it only served Dorsey himself as he’s heavily invested into crypto. Wired columnist Virginia Heffernan called it ‘incredibly reckless’ to even speak of this term.

Like “divorce” in a marriage this word @jack tweeted should not be uttered unless you’re trying to bring it into being.

No one shd take investment advice from someone who sees himself as making markets.

How insanely reckless to tweet this. Immoral. Jack, ban thyself. pic.twitter.com/fl7CWRXdN8

— Virginia Heffernan (@page88) October 24, 2021

As you know, Bitcoin is not plagued by inflation as the number of coins that can be mined is capped at 21 million. Fiat currencies however have no printing limit.