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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.
Analyst’s Altcoin Emphasis
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 Comments
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.
How Much is Ethereum?
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.
