Bitcoin’s bullish momentum has fueled the crypto market to an upward pattern. Because the flagship cryptocurrency rises to the $52,000 stage, a number of different cryptocurrencies comply with its steps carefully and exhibit alerts of a potential bull run.
Accordingly, a famend crypto analyst has predicted a possible bull run for VeChain (VET) that would lead the token to a brand new all-time excessive (ATH).
Will VeChain Repeat Historical past?
Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes historical past may repeat itself, and the cryptocurrency might even see its greatest week in years.
Based on Martinez, VET appears to be repeating historic patterns that preceded the 2021 bull run and noticed the token’s value rise to its all-time excessive value. Within the X (former Twitter) put up, the crypto analyst predicted that VET may surge to the $0.054 value vary, a stage it has not reached since April 2022.
The chart beneath reveals the 595-day consolidation interval that preceded the 2021 bull run. The cryptocurrency moved sideways throughout this era earlier than finally breaking out and reaching its ATH of $0.281.
It looks like will probably be an enormous week for #VeChain! If historical past repeats itself, $VET may very well be a transfer to $0.054 this week, a short correction till June, after which a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH
— Ali (@ali_charts) February 14, 2024
Equally, the chart signifies the present 644-day consolidation interval in 2022. If historical past repeats this week, Martinez believes VET’s sample may comply with the 2021 pattern and drive the token’s value upwards to $0.054. The analyst additionally predicted a possible value correction that may final till June.
After the correction, Martinez predicts a bull run that may skyrocket the cryptocurrency value to $0.70 by November of this yr. This long-term prediction would triple VET’s beforehand established ATH.
VET Value Motion
As beforehand reported, VET’s value broke above a major resistance stage in December 2023 earlier than struggling a pullback. In January 2024, the cryptocurrency confronted one other rejection following an try to interrupt out of the identical $0.03 value resistance.
Following the latest Bitcoin rally, VET has been monitoring its actions, mirroring a pattern just like that of the flagship cryptocurrency, because the chart beneath reveals.
VET's value motion follows an analogous pattern to BTC over the last 7 days. Supply: CoinGecko
At writing time, VET is buying and selling at $0.04625, a 5.1% surge within the final hour and a 32.3% surge within the earlier 24 hours. Based on CoinGecko information, cryptocurrency takes the thirty fourth spot in market capitalization.
VeChain has a every day buying and selling quantity of $195 million, representing a 68.5% enhance in at some point. These metrics recommend an increase in market exercise for the cryptocurrency and trace at a optimistic sentiment amongst traders.
Nevertheless, regardless of Martinez’s prediction, VET’s value has an extended street forward as it’s nonetheless 85.33% decrease than the all-time excessive value achieved three years in the past.
VET value motion within the 1-day chat. Supply: VETUSDT on TradingView.com
Featured picture from Unsplash.com, Chart from Tradingview.com
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