For the cryptocurrency industry, this week has passed with news of the US Federal Reserve’s (FED) rate hike. After a rough week where Bitcoin (BTC) fell below the $21,000 level, BTC has risen above this level again. Therefore, it made investors wonder what levels would be next. At this point, the CoinMarketCap community survey came into play. In the survey, users predicted what levels BTC would see in August. Also included were predictions for VeChain (VET). Here are the details…
CoinMarketCap community shared their Bitcoin predictions
Like every month, the community at CoinMarketCap has predicted what average prices BTC will trade at through August 31, 2022. According to the community, BTC will be traded at a price of $32,493. Currently, 20,325 community members have reached the above estimate using their guess votes. In terms of estimates for the end of September, the community expects the price to be slightly lower than the 14,496 user games used so far, with an average of $32,129. This would be an improvement of 49.67 percent or $10,662 from the current price.
At the same time, some experts, including a crypto trading expert known as CryptoYurii, believe that cryptocurrency’s hesitant price behavior may be part of the Wyckoff setup; They expressed their opinion that Bitcoin could indeed rise to $30,000 by September 2022. Meanwhile, Bloomberg senior commodity strategist Mike McGlone believes that the first cryptocurrency may actually outperform in the second half of the year. He shared that he is optimistic about Bitcoin, saying that he will be “one of the fastest horses in the race since its inception nearly a decade ago.”
As Cryptokoin.com also reported, since the beginning of the year, Bitcoin has lost $25,234, or 54.03 percent, in price. It fell from $46,700 to the current $21,466. At the time of writing, the price is down 13.09 percent over the previous seven days. However, it is experiencing an increase of 2.45% during the day.
What’s next for VeChain (VET)?
VeChain is among the cryptocurrency projects that saw the platform’s native token VET have increased significantly in price and interest over the past year. In particular, the interest in VeChain stems in part from its ability to solve key challenges in unreliable data for different industries, including finance, energy, food, and medicine. In recent months, VET has tried to exit the consolidation period and embark on a recovery path required by the ongoing cryptocurrency bear market. With the overall market experiencing a short-term rally recently, VET investors are hoping the token will hold up and continue the gains.
Indeed, the CoinMarketCap cryptocurrency community estimates that VET will trade at an average of $0.048 by August 31. Estimates from 822 community members represent a 107 percent growth from the token’s current price of $0.23. However, the community expects VET to rise to $0.057 by the end of September 2022, with a projection based on the votes of 433 members, gaining over 140 percent from current value.
Interestingly, the community seems to be betting on the increasing use cases of VeChain Blockchain in improving the global supply chain. The ecosystem is currently witnessing the use of leading global brands such as LVMH, BMW Group, DB Schenker, Kuehne & Nagel and Groupe Renault.
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