Cryptocurrency market remains unpredictable, with frequent price fluctuations that make analysts’ insights a focal point. Bitcoin recently dropped from $70,000 to $58,500, and its subsequent moderate recovery hasn’t stopped some experts from predicting growth in certain lesser-known cryptocurrencies. One such analyst emphasized the potential of the alternative coin Covalent (CQT), while expressing less optimism about the prospects of Bitcoin and Ethereum.
Focus on the Potential of Covalent
Renowned cryptocurrency analyst Michaël van de Poppe pointed out that Covalent is an artificial intelligence token currently ranked 346th in terms of market capitalization. Despite its low trading volume, van de Poppe believes Covalent has the potential for a significant price increase, especially after its recent updates. Visit COINTURK FINANCE for the latest financial and business news.
Currently, Covalent is trading at $0.1549, experiencing a 3.83% decrease. Its market capitalization stands at $124 million, with trading volume dropping by 21% in the past 24 hours, falling below $1 million.
What is the Future of Bitcoin?
Van de Poppe also shared his views on Bitcoin, suggesting that it may experience a decline before resuming its upward trend. He mentioned the possibility of Bitcoin returning to the $60,000 level, anticipating a reversal coinciding with the launch of the Ethereum ETF.
Bitcoin recently dropped by 1.8% and is currently priced at $60,695. Its market capitalization has fallen below $1.2 billion, with a 3% increase in trading volume to $23.4 billion in the past 24 hours.
Valuable Insights for Investors
Key takeaways for investors:
– The latest developments of Covalent (CQT) could lead to a significant price increase.
– Bitcoin may face short-term declines before potential growth, especially with the upcoming launch of the Ethereum ETF.
– Ethereum (ETH) holds crucial support and may experience a breakout if it reaches 0.06 BTC.
Consequences
Lastly, the analyst analyzed Ethereum (ETH), indicating that its performance may outshine Bitcoin (ETH/BTC). He believes Ethereum is maintaining key support levels and could have a considerable advantage if Ethereum 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.