You can also read this news on COINTURK NEWS: Analyst Predicts Altcoin Rise While Showing Pessimism for Bitcoin and Ethereum
As the cryptocurrency world continues to experience volatile price movements, attention turns to analysts’ comments and which cryptocurrencies they focus on. During the period when Bitcoin fell from $70,000 to $58,500 and then recovered slightly, a famous market follower predicted a rise for an altcoin while painting a pessimistic picture for Bitcoin and Ethereum.
An analyst closely followed in the cryptocurrency world made statements suggesting that a low-volume artificial intelligence (AI) token could rise. Cryptocurrency analyst Michaël van de Poppe made significant statements on X.
He indicated that there could be a rise for Covalent (CQT), which ranks 346th in market value and is lagging in market volume.
CQT has returned to November 2023 levels. There has been a sharp correction since the peak in February. We expect Covalent’s price to rise significantly since its latest updates.
CQT is trading at $0.1549 after a 3.83% drop at the time of writing. CQT’s market cap is $124 million, while its trading volume remains below $1 million after a 21% drop in the last 24 hours.
Bitcoin (BTC) was also reviewed by Van de Poppe, who suggested a possible drop before a rise in the leading cryptocurrency.
This will likely be the case for Bitcoin. Preferably, we scan the $60,000 region where the bullish divergence started. A reversal could occur from next week with the approach of the Ethereum ETF (exchange-traded fund) listing.
BTC experienced a 1.8% drop in the last hour and is now finding buyers at $60,695. The market cap has fallen below $1.2 billion, while the 24-hour trading volume is at $23.4 billion after a 3% rise.
Lastly, the analyst reviewed Ethereum (ETH) and suggested that ETH could move upward against BTC (ETH/BTC).
Technically, ETH is holding a very important level for support. I think we will continue to drift upward from here. If it can reach 0.06 BTC ($3,690), then I assume we will see a major breakout and Altcoin strength for the rest of the year.
ETF is continuing to find buyers at $3,379 after a 2.11% drop in the last 24 hours.