The cryptocurrency market is undergoing a slight correction. Bitcoin (BTC) climbed to a new all-time high of $99,645.39 on Nov. 22, 2024. The original cryptocurrency could not breach the $100,000 mark after Jim Cramer went bullish on the asset. Many believe in the “inverse Cramer theory,” which suggests the reverse of what the analyst predicts will happen. VeChain (VET) follows BTC’s path. The asset has faced a correction in the daily charts but has maintained significant gains in the other time frames.
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VET Latest Price Ranges
Source: CoinGecko
VET is down 1.8% in the last 24 hours. Despite the correction, the asset is up by 37.9% in the weekly charts, 63.8% in the 14-day charts, 97.7% over the previous month, and 98.9% since November 2023.
The cryptocurrency market began to surge after Donald Trump emerged victorious in the U.S. presidential election. Investor sentiment spiked due to Trump’s pro-crypto stance. Market participants anticipate lenient regulations under Trump’s leadership.
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VeChain Predicted To Hit $0.056
According to prominent cryptocurrency analyst Alir Martinez, VET is about to break out from a bull flag. The analyst anticipates the asset to surge to $0.056, a rise of about 30% from current price levels.
CoinCodex analysts also present a bullish outlook for VeChain (VET). The platform anticipates the asset to breach the $0.056 level on Jan. 4, 2025, about a month from now. The platform also predicts VET will breach the $0.080 mark by Feb. 11, 2025.
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Source: CoinCodex
VET is still down by nearly 85% from its all-time high of $0.281. The cryptocurrency has struggled to gain momentum like during the 2021 bull run. The asset may hit a new peak if BTC breaches the $100,000 level. We may witness another 2021-like rally under such an event.
