Bitcoin’s bullish momentum has fueled the crypto market to an upward trend. As the flagship cryptocurrency rises to the $52,000 level, several other cryptocurrencies follow its steps closely and exhibit signals of a possible bull run.
Accordingly, a renowned crypto analyst has predicted a potential bull run for VeChain (VET) that could lead the token to a new all-time high (ATH).
Will VeChain Repeat History?
Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes history could repeat itself, and the cryptocurrency may see its biggest week in years.
According to Martinez, VET seems to be repeating historical patterns that preceded the 2021 bull run and saw the token’s price rise to its all-time high price. In the X (former Twitter) post, the crypto analyst predicted that VET could surge to the $0.054 price range, a level it has not reached since April 2022.
The chart below shows the 595-day consolidation period that preceded the 2021 bull run. The cryptocurrency moved sideways during this period before eventually breaking out and reaching its ATH of $0.281.
It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH
— Ali (@ali_charts) February 14, 2024
Similarly, the chart indicates the current 644-day consolidation period in 2022. If history repeats this week, Martinez believes VET’s pattern could follow the 2021 trend and drive the token’s price upwards to $0.054. The analyst also predicted a potential price correction that would last until June.
After the correction, Martinez predicts a bull run that would skyrocket the cryptocurrency price to $0.70 by November of this year. This long-term prediction would triple VET’s previously established ATH.
VET Price Action
As previously reported, VET’s price broke above a significant resistance level in December 2023 before suffering a pullback. In January 2024, the cryptocurrency faced another rejection following an attempt to break out of the same $0.03 price resistance.
Following the recent Bitcoin rally, VET has been tracking its movements, mirroring a trend similar to that of the flagship cryptocurrency, as the chart below shows.
VET's price movement follows a similar trend to BTC during the last 7 days. Source: CoinGecko
At writing time, VET is trading at $0.04625, a 5.1% surge in the last hour and a 32.3% surge in the previous 24 hours. According to CoinGecko data, cryptocurrency takes the 34th spot in market capitalization.
VeChain has a daily trading volume of $195 million, representing a 68.5% increase in one day. These metrics suggest a rise in market activity for the cryptocurrency and hint at a positive sentiment among investors.
However, despite Martinez’s prediction, VET’s price has a long road ahead as it is still 85.33% lower than the all-time high price achieved three years ago.
VET price action in the 1-day chat. Source: VETUSDT on TradingView.com
Featured image from Unsplash.com, Chart from Tradingview.com
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