VeChain Price Prediction: Here’s How High VET Could Go Weeks After the Bitcoin Halving

 Key takeaways:

• Algorithm predicts Vechain (VET) could see a 59% price uptrend over the next 3 months.
• The token has surged over 10% in the last 24 hours.
• Technical indicators show VET broke out above key resistance levels, suggesting this rally has further room to run.
• The upcoming 2024 Bitcoin halving could provide an additional catalyst for VET if it triggers a crypto bull run similar to previous halvings.

Enterprise-focused blockchain VeChain, has been surging over the last week, with its native VET token climbing over 10% in the last 24 hours, currently trading at $0.048. This impressive price action comes as experts predict continued momentum and gains for VeChain in the months ahead.

Moreove, recent developments across VeChain’s ecosystem have driven growing bullishness around the enterprise-focused blockchain project. In addition, our algorithm has forecast a consistent upward trend of over 59% following the upcoming 2024 Bitcoin halving which is expected to further propel VET movement.

Now, let’s take a closer look at the factors driving the token’s recent surge.

Recent Developments Propelling VeChain

While VeChain’s double-digit percentage spike occurred without any major new project announcements, it follows on the heels of multiple promising ecosystem developments in recent months.

Renewed Partnership for Medical Platform

One of the most notable came last week, when Shanghai’s Renji Hospital announced the renewal of its partnership with quality assurance firm DNV GL and VeChain. According to the announcement, the collaboration aims to continue expanding the Intelligent Tumor Treatment Center, a blockchain-powered medical platform designed to boost efficiency and transparency across cancer treatment processes.

By tracking patient medical records and treatment on the VeChain’s blockchain, the hospital hopes to improve data integrity and give patients more control over their health information.

VeChain CEO Speaking at High-Profile Even

In another exciting development, VeChain founder and CEO, Sunny Lu has revealed he will be speaking at the 2024 Mobile World Congress set to take place in Barcelona later this month. As one of the telecom industry’s largest events, the Congress attracts over 90,000 attendees every year, including high-profile figures and executives across the mobility spectrum.

This provides excellent exposure and networking opportunities for VeChain as it continues gaining traction in the enterprise blockchain space. By demonstrating its solutions on such a prominent stage, VeChain can expand its reach and forge new partnerships.

Simplifying dApp Development

Last December, VeChain introduced its VeChain dApp Kit to simplify decentralized application development on its blockchain. Based on report, the kit provides developers with UI components, built-in wallet management, and other tools that abstract away blockchain complexity, allowing builders to focus on their dApp’s core functionality and user experience.

Initiatives like the dApp Kit are key to expanding VeChain’s developer community, which will subsequently drive greater platform adoption and utilization. By making it easier to integrate VeChain with robust development tools, more businesses are likely to leverage its enterprise-ready public blockchain.

VET Price Breaks Out of Resistance

Beyond the recent developments, VeChain’s recent price action indicates a technical breakout is underway.

The VET token surged through resistance around the $0.03 level in recent days, reaching as high as $0.038, and representing the highest price point since early January 2024. To coincide with the breakout, trading volume jumped over 88% in just the last 24 hours.

Previously, VET had struggled to sustainably overcome the resistance near $0.03 over the past several weeks. Now that VET appears to have broken through this barrier, it seems the token has built up enough momentum to continue its push upward.

Vechain movement in the last fews days, breaking the $0.03 resistance and going into an uptrend movement over that last 48 hours

From a technical standpoint displayed by Captain Faibik On X, the breakout means the zone around $0.03 will likely transform from resistance to support. This price floor should underpin future price spikes. Overall, the technical picture suggests last week’s 11%+ price pump is the start of a broader VET uptrend.

$VET #Vechain is Breaking out of Channel after Long Consolidation..!! pic.twitter.com/cvTSx38Vh4

— Captain Faibik (@CryptoFaibik) February 14, 2024

Algorithm Forcast 3-Month VET Price

In line with the promising technical setup, our algorithm forecast VeChain has extended its positive trajectory over the next 3-6 months. 

According to the prediction, the consensus 3-month forecast is for VeChain to reach $0.079, representing a 4.3% gain from current levels. 

Looking further to August 2024, the 6-month forecast places VET’s value to reach $0.103, indicating a 41% upside from today.

Bitcoin Halving’s Potential Impact on VET 

Beyond VeChain’s trajectory, another major factor that could further supercharge VET’s price growth is the upcoming Bitcoin halving expected to occur in April 2024.

The Bitcoin halving refers to the scheduled reduction in Bitcoin’s block reward that occurs approximately every 4 years. In 2024, the miner reward will drop from 6.25 BTC per block validated to 3.125 BTC following the halving event.

Accordingly, Bitcoin’s previous halvings have proved momentous for its price. The 2012 halving ignited a 153+% price increase over the following 3 months reaching $30.90 from its initial price of $12$.

Meanwhile, the 2016 halving propelled Bitcoin from $577 before the halving and hit $619.8 in just 3 months after the event. The 2020 bitcoin event is not left out, surging the cryptocurrency to a historic all-time high of $62,000 by November 2021.

Many crypto analysts expect the 2024 halving will trigger Bitcoin’s next parabolic bull run. If history repeats, Bitcoin could power upwards following the reduction in mining rewards, benefiting the broader crypto sphere.

Ranking as No. 32 based on market cap, it projects closely correlated to Bitcoin’s price trends, and likely to experience material upside if BTC embarks on another sustained rally. During Bitcoin’s epic 2020 surge, VET, then known as VeChain Thor, climbed over 1,600% between June 2020 and April 2021

The 2024 halving could set the stage for a similar outsized performance from VET. Even moderate spillover from recurring Bitcoin hype would provide a meaningful tailwind. Of course, it remains speculative how Bitcoin will react. But the potential is there for the halving to turbocharge VET’s already bullish outlook.

Bottom line

With its recent price pump, VeChain appears Poised to continue its positive momentum in the months ahead. The recent double-digit price spike signals VET is breaking out from its trading range.

Moreover, the 2024 Bitcoin halving adds an extra wildcard factor that could enhance VET’s upside if BTC embarks on another epic bull run. While crypto volatility caution is always prudent, indicators point to VeChain turning a corner, with plenty of potential.