With Bitcoin (BTC) reclaiming the $66,000 level, the cryptocurrency market seems to be recovering from its recent plummet. VeChain (VET), however, has been slow to react to BTC’s gains. VET registered no change in the daily charts and is down 8.2% in the weekly chart and 6.3% in the 14-day chart.
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BTC’s rebound could be due to its halving event, which took place on Apr. 20, 2024. Many consider halvings bullish as they reduce the supply of an asset, leading to a possible surge in demand.
VeChain (VET) price prediction for April end 2024
According to CoinCodex, VET could face a correction this week, falling to $0.038983 on Apr. 30, 2024. The decline would translate to a drop of about 9.52% from current levels. However, CoinCodex predicts VET to reclaim the $0.043 level by mid-May.
Changelly also does not expect VeChain (VET) to make much movement this month. The platform anticipates the asset to hit a maximum price of $0.0422 in April. Moreover, Changelly expects VET to reach a high of $0.0442 in May.
However, there is a possibility that Bitcoin (BTC) could hit a new all-time high later this month. According to CoinCodex, BTC will surpass the $74,000 mark this week. If BTC hits a new all-time high, it may lead to a market-wide rally. In such a scenario, VET may also rally. In a market-wide bullish scenario, VET could also hit a new high.
Also Read: VeChain (VET) Could Rally 116% to $0.08: Predicts Analyst
Cryptocurrency analyst Ali Charts says VeChain (VET) mirrors its December 2020 pattern. If the pattern holds, VET could pull back to around $0.032. However, it would set the stage for VET to rally to around $0.08.