While Bitcoin’s (BTC) price has surged beyond $41,000, VeChain (VET) has faced a 3.6% correction in the last 24 hours. Nonetheless, the token is still up by 11.4% in the weekly charts and 15.1% over the previous month. Moreover, VET is up by over 53% since the beginning of this year. Here is our price prediction for VeChain for the middle of December 2023.
Also Read: VeChain Working With United Nations in Sustainability Campaign
VeChain (VET) price prediction for mid-December 2023
PricePredictions forecasts a bullish outlook for VET’s price till at least Dec. 17, 2023. As per the platform, VET could surge to $0.0246 on Dec. 17, 2023, an increase of about 5.5% from current levels. However, the machine learning algorithm at PricePredictions anticipates VET’s price to fall after mid-December 2023.
CoinCodex, on the other hand, expects VeChain (VET) to hit $0.0226 on Dec. 17, 2023, a 3% fall from current price levels. Nonetheless, the platform anticipates VET to gain momentum after mid-December.
Analysts at Changelly predict the average price for VET to be around $0.0242 for December 2023. Changelly’s average price is an increase of around 3.8% from current levels.
VeChain’s (VET) price could hit new highs in 2024, given that many analysts anticipate a bull market for the cryptocurrency sector. Moreover, Bitcoin (BTC) is most likely gearing up for a surge after surpassing $41k, a new high in 2023. Additionally, there is a high chance that the US SEC (Securities and Exchange Commission) will approve a spot BTC ETF (Exchange Traded Fund) in January 2024. BTC will also undergo its next halving cycle in April 2024. Both developments could propel the original cryptocurrency to a new all-time high.
Also Read: Bloomberg predicts fresh crypto supercycle will push Bitcoin to $500,000
If BTC surges to a new high, other altcoins, such as VeChain (VET), may follow suit. Hence, it is very likely that VET may reach a new all-time high in early 2024.