Although the price of Vechain (VET) has fallen significantly in recent days, some analysts remain optimistic about the future price development of the coin.
The price of the altcoin dropped to around $0.0375 but the popular crypto analyst Ali Martinez provides a price target of $0.60 for the altcoin in the next bull run.
VeChain’s price performance
The past few weeks have been characterized by strong fluctuations in the price of Vechain (VET). On April 12, the price of this altcoin peaked above $0.05, but then fell to $0.0375. This drop, representing a 25% decrease, took place within just a few days.
Recently, however, Vechain has shown a recovery; the price rose 4.2% in the last 24 hours to the current price of $0.041. Despite last week’s significant pullback, the coin continues to perform relatively well compared to other cryptocurrencies such as Cardano (ADA) and Avalanche (AVAX), which are down 20% and 23% respectively.
Is VeChain ready for a massive price increase?
Crypto analyst Martinez expects VeChain to rise significantly and shared his price prediction for the popular altcoin on social media platform X.
He notes that the current price trend is very similar to that of VeChain between June and December 2020. At that time, the price fell to around $0.01, after which this pullback set the stage for a new bull run.
If VET experiences a similar price development as in 2020, this could lead to a significant increase. Martinez sets a price target of $0.60, which is about 15 times higher than the coin’s current price.
A major factor that could boost the crypto market and potentially unleash a new bull rally for this altcoin is the upcoming Bitcoin (BTC) halving.
Historically, this event has a significant impact on the price of BTC, which then often leads to an increase in the value of altcoins.
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Source: https://newsbit.nl/crypto-analist-vechain-koers-gaat-met-1400-procent-stijgen/
