The crypto market looks excellent today, with most of the essential coins trading in the green.
There are all kinds of optimistic predictions about Bitcoin, especially since the king coin managed to hit essential levels. Analsyst are expecting to see the king coin racing towards new ATHs soon
But there are also optimistic predictions about the prices of some altcoins these days. One of them is VeChain (VET). Check out the latest price predictions.
VET price prediciton
The online publication the Daily Hodl notes that crypto analyst Justin Bennett said that decentralized supply chain management network VeChain (VET) could be ready to see $1.60 under one condition.
Bennett said that if BTC can make new highs above $65,000, “VET should be able to pull off a 1335% rally in the next two months.”
The online publication mentioned above also noted that if the crypto markets end up going on an extended market cycle that lasts well into 2022, VET may even be able to make it as high as $3.00, which is a 2627% rally from current prices.
“Bitcoin above $65,000 = $1.60 $VET by December, [in my opinion]. If December peaks short of that and the cycle runs until March 2022, #VET is likely in the $2 – $3 range.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $57,659.86.
VET is also trading in the green as well and the digital asset is currently priced at $0.1207.
Bitcoin supply shortage
The other day, we were addressing analyst Nicholas Merten who is looking at one key metric to explain what’s fueling Bitcoin’s bull run.
He recently said that investors are holding Bitcoin (BTC) for longer and longer periods of time. This is why he believes that BTC can hit $100k by the end of 2021.
“The reason market prices generally go up or generally go down is inflows and outflows, and if we can know there are more people eager to market sell or market buy, we can generally know the direction the price is going to go, and we’re able to spot the trend much, much simpler.”
Stay tuned for more news.