VeChain (VET) has witnessed a slight rebound in the daily charts, rallying 3.7% in the last 24 hours. However, the asset is down by 20.6% in the weekly charts, 14.9% in the 14-day charts, and 13.5% over the previous month. Despite the asset being up by over 60% since March 2023, VET’s price is still down by nearly 86% from its all-time high of $0.281, which it attained in April 2021.
Also Read: VeChain: VET Spiked 60% In 30 Days: How High Will It Go?
VET’s correction is likely due to Bitcoin (BTC) falling below $62k. Crypto investors may be booking profits after holding at a loss for over two years. Moreover, inflation in the US increased to 3.2%, thwarting expectations of an interest rate cut this month.
When will VeChain (VET) reclaim its all-time high?
According to OpenAI’s popular AI (Artificial Intelligence) chatbot ChatGPT, ‘If Bitcoin were to reach a price level of $200,000 after the halving, VeChain would likely experience considerable upward price movement.‘
The chatbot adds, ‘A range of $0.35 to $0.50 for VET is a plausible outcome, marking a new all-time high for the cryptocurrency.‘
Hitting $0.50 from current levels would translate to a growth of over 1182%. The price level will also mark a new all-time high for the cryptocurrency.
Also Read: Is VeChain Consolidation Signaling a Future Breakout To $1.8?
BTC’s halving will take place in April this year, less than a month away. Many analysts anticipate a market rally following the halving. Many consider halvings bullish as they reduce the supply of an asset.
Telegaon, however, predicts VeChain (VET) to hit a maximum price of $0.055 this year. Changelly also does not anticipate VET to hit an all-time high this year, predicting a maximum level of $0.0608, which the asset may attain in December.