Cryptocurrency market remains unpredictable, with frequent price fluctuations making analysts’ insights a focal point. Bitcoin recently dropped from $70,000 to $58,500, followed by a modest recovery, but that hasn’t stopped some experts from predicting growth in certain lesser-known cryptocurrencies. One such analyst emphasizes the potential of the altcoin Covalent (CQT), while expressing less optimism about the prospects of Bitcoin and Ethereum.
Focus on Covalent’s Potential
Renowned cryptocurrency analyst Michaël van de Poppe points out that Covalent is an artificial intelligence token currently ranked 346th in terms of market capitalization. Despite low trading volume, van de Poppe believes that Covalent has the potential for significant price increases, especially after its recent updates. Visit COINTURK FINANCE for the latest financial and business news.
Currently, Covalent is trading at $0.1549, with a decrease of 3.83%. Its market capitalization stands at $124 million, with trading volume dropping by 21% in the past 24 hours to below $1 million.
What lies ahead for Bitcoin?
Van de Poppe also shares his views on Bitcoin, suggesting that Bitcoin may experience a decline before it resumes its upward trend. He mentions that Bitcoin could revisit the $60,000 level, with a reversal expected around the launch of the Ethereum ETF.
Bitcoin has recently dropped by 1.8%, currently priced at $60,695. Its market capitalization has fallen below $1.2 billion, with a 3% increase in trading volume in the past 24 hours, reaching $23.4 billion.
Valuable insights for investors
Key takeaways for investors:
– Recent developments in Covalent (CQT) could lead to significant price increases.
– Bitcoin may face short-term declines before potential growth, especially with the upcoming Ethereum ETF launch.
– Ethereum (ETH) has crucial support and may experience a breakout if it reaches 0.06 BTC.
Consequences
Lastly, the analyst analyzes Ethereum (ETH), indicating that its performance may outshine Bitcoin (ETH/BTC). He believes Ethereum is maintaining key support levels and could have a significant advantage if it reaches 0.06 Bitcoin ($3,690).
Currently, Ethereum is trading at $3,379 after a 2.11% drop in the past day.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, which entails risks, and should conduct their own research.
