A widely respected cryptocurrency analyst is keeping an eye on Bitcoin (BTC) and altcoins as the cryptocurrency market rages.
Cryptocurrency trader Michaël van de Poppe says 697,000 followers on social media platform
The analyst uses blockchain data provider Covalent (CQT) as an example.
“A rotation into altcoins is likely to occur.
CQT is breaking out, hitting new yearly highs.
There is a standard 20-40% downside -> opportunity, but we expect it to remain at $0.75 in the coming period.”
CQT is worth $0.373 at the time of this writing and is up 3% in the past week.
Next is the analyst predict The rising altcoin market could push Ethereum (ETH) up to $5,000.
“Altcoin market capitalization is slowly rising.
The uptrend could be captured in Bitcoin, which would imply a rotation into altcoins.
So Ethereum is likely to hit $4,500-$5,000, with altcoins accelerating to 2-4x returns.”
As of this writing, ETH is trading at $3,440.
Lastly, looking at analyst BTC: predict If Bitcoin falls, it could fall to $46,000.
“Bitcoin reached net inflows of $670 million.
This is mostly achieved through BlackRock’s ETF (Exchange Traded Fund) and interest.
The price is at $62,600 and is showing an incredibly strong move ahead of the halving.
What should you look for?
If a correction occurs, we target $46,000 or $53,000 to buy.”
As of this writing, BTC is worth $62,175.
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