The cryptocurrency market has witnessed a massive bloodbath with Bitcoin (BTC) falling to nearly $60,000. The original crypto previously tested this level in early May. BTC’s plummet has led to other assets, such as VeChain (VET), taking a hit too.
VET is down by 5.8% in the daily charts, 12.3% in the weekly charts, 22.6% in the 14-day charts, and 31.5% over the previous month.
Also Read: VeChain: When Will VET Breach Its All-Time High of $0.28?
The recent market downturn is probably the result of BTC miners selling their holdings. Last week, the price of mining one Bitcoin went to $86,000. Miners have begun selling their assets in order to book profits. Additionally, there hasn’t been much new money entering the market, and within the past few weeks, there have been large withdrawals from BTC ETFs. Investor fatigue has increased as a result of these events.
When will VeChain (VET) hit breach $1?
According to X user Captain Chavez, VET could hit $1.37 within 348 days, or almost over the next year. Reaching $1.37 from current levels would require a growth of over 5600%.
According to the researchers at Changelly, VeChain (VET) will not breach the $1 mark till at least June 2032, about eight years from now. The platform predicts VET hitting a maximum price of $1.02 for that month.
Also Read: VeChain: Should You Buy VET in June 2024?
Telegaon paints a more bullish picture for VET, predicting the asset to breach the $1 mark in 2027. The platform anticipates VET to hit a maximum price of $1.48 in 2027.
While Captain Chavez is very bullish on VeChain (VET), reaching $1 within the next year might be a little farfetched for VET. The asset does not have the necessary traction, at least not yet, to grow at the projected level.