In a recent update, crypto analyst Michaël van de Poppe has signaled potential growth for a lesser-known AI token within the cryptocurrency market. Van de Poppe, who commands a significant following of 722,600 on X, highlights Covalent (CQT), currently ranked 346th by market cap, as poised for a notable uptrend.
“CQT has retraced to November 2023 levels following a steep decline from its peak in February,” Van de Poppe observes. “Anticipate a substantial rally in Covalent’s price, fueled by recent updates.”
Moving to specific market movements, CQT is presently valued at $0.163, showing a modest 2.2% increase for the day. Van de Poppe also offers insights into Bitcoin (BTC), cautioning that the dominant cryptocurrency might experience further declines before staging a recovery.
“This scenario could unfold for Bitcoin, ideally testing the $60,000 range where a bullish divergence could initiate,” he explains. “We foresee a reversal as early as next week, coinciding with the introduction of an Ethereum ETF.”
At the time of writing, Bitcoin stands at $61,487, marking a 0.8% increase over the past 24 hours. Shifting focus to Ethereum (ETH), Van de Poppe notes a challenging ascent against Bitcoin (ETH/BTC).
“ETH has demonstrated resilience at a critical support level,” he assesses. “I expect continued gradual upward movement from here. Crossing the 0.06 BTC threshold ($3,690) could trigger a significant breakout, buoying altcoin strength for the remainder of the year.”
ETH is currently valued at $0.056 BTC ($3,444), reflecting a 2.3% decline over the week. For those interested in staying updated, Van de Poppe encourages subscribing to email alerts through his channels on X, Facebook, and Telegram.
As always, it’s crucial for investors to conduct thorough research before engaging in high-risk investments in cryptocurrencies or digital assets, as per the disclaimer from The Daily Hodl.
