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Altcoins
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June 28, 2024

Crypto Trader Michaël van de Poppe Says Low-Cap Altcoin Primed To Rally, Updates Outlook on Bitcoin and Ethereum

By Daily Hodl Staff

One widely followed crypto analyst says one low-cap artificial intelligence (AI) token is poised to come to life.

Crypto trader Michaël van de Poppe tells his 722,600 followers on the social media platform X that the 346th-largest crypto by market cap, Covalent (CQT), is primed to rally.

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“CQT is currently back to the levels of November 2023.

A harsh correction since the peak in February.

Expecting to see the price of Covalent rally up significantly, since their recent new updates.”

Source: Michaël van de Poppe/X

CQT is worth $0.163 at time of writing, up 2.2% on the day.

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Looking at Bitcoin (BTC), Van de Poppe warns the crypto king may drop lower before rising again.

“This would likely be the case for Bitcoin.

Preferably we sweep the $60,000 area where a bullish divergence kicks in.

Reversal coming from next week with the impending Ethereum ETF (exchange-traded fund) listing.”

Source: Michaël van de Poppe/X

BTC is worth $61,487 at time of writing, up 0.8% in the last 24 hours.

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Moving on to Ethereum (ETH), the analyst says ETH is in for a tough “grind” upward against BTC (ETH/BTC).

“From a technical standpoint, ETH has been holding a crucial level for support.

I think we’ll continue to grind upwards from here.

If it can get towards 0.06 BTC ($3,690), then I’m assuming we’ll see a big breakout & Altcoin strength for the remainder of the year.”

Source: Michaël van de Poppe/X

ETH is worth $0.056 BTC ($3,444) at time of writing, down 2.3% on the week.

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