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Solana(SOL) $128.11 +2.51%

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Qtum(QTUM) $2.11 +2.07%

Bitcoin(BTC) $54,487.66 +1.10%

DOGS(DOGS) $0.00 -0.38%

Neiro Ethereum(NEIRO) $0.13 -2.47%

Toncoin(TON) $4.70 +1.56%

Solana(SOL) $128.11 +2.51%

Ethereum(ETH) $2,283.56 +2.26%

Aevo(AEVO) $0.32 +5.75%

Simon's Cat(CAT) $0.00 +10.47%

Notcoin(NOT) $0.01 +4.03%

Pepe(PEPE) $0.00 +1.36%

Sui(SUI) $0.89 +5.65%

GameStop(GME) $0.01 -3.83%

Bitget Wallet Token(BWB) $0.42 +2.48%

Akash Network(AKT) $2.28 +1.30%

XRP(XRP) $0.53 +1.23%

Polygon(MATIC) $0.37 +1.06%

Render(RENDER) $4.76 +1.05%

SATS(1000SATS) $0.00 +8.09%

OriginTrail(TRAC) $0.51 +7.24%

Qtum(QTUM) $2.11 +2.07%

Analyst Predicts Altcoin Surge

By BH NEWS

2 months ago

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You can also read this news on BH NEWS: Analyst Predicts Altcoin Surge

The cryptocurrency market remains unpredictable with frequent price fluctuations bringing analysts’ insights into the spotlight. Bitcoin‘s recent dip from $70,000 to $58,500 and its subsequent mild recovery have not deterred some experts from forecasting growth for certain lesser-known cryptocurrencies. One such analyst has highlighted the potential of an altcoin, Covalent (CQT), while expressing a less optimistic outlook for Bitcoin and Ethereum.

Focus on Covalent’s Potential

A widely recognized cryptocurrency analyst, Michaël van de Poppe, pointed to a promising future for Covalent, an AI token that currently ranks 346th by market capitalization. Despite its low trading volume, van de Poppe believes Covalent is poised for a significant price increase, especially after its recent updates.

Currently, Covalent is trading at $0.1549, having experienced a 3.83% decline. Its market cap stands at $124 million, with a trading volume dropping by 21% to below $1 million in the last 24 hours.

What Lies Ahead for Bitcoin?

Van de Poppe also shared his views on Bitcoin, suggesting a potential decrease before an upward trend resumes. He mentioned that Bitcoin might revisit the $60,000 level, anticipating a reversal coinciding with the upcoming Ethereum ETF listing.

Bitcoin saw a 1.8% drop recently, with its price now at $60,695. Its market cap has fallen below $1.2 billion, and the 24-hour trading volume has risen by 3% to $23.4 billion.

Valuable Insights for Investors

Key Takeaways for Investors:

Covalent (CQT) could see a significant price rise due to its latest developments.
Bitcoin may face a short-term decline before potential growth, especially with the upcoming Ethereum ETF.
Ethereum (ETH) holds significant support and may break out if it reaches 0.06 BTC.

Result

Finally, the analyst analyzed Ethereum (ETH), suggesting it could outperform Bitcoin (ETH/BTC). He believes Ethereum is maintaining crucial support levels, and there could be substantial altcoin strength if ETH reaches 0.06 BTC ($3,690).

Currently, Ethereum is trading at $3,379 after a 2.11% drop over the past day.