Crypto Analyst Says Altcoins Are on the Rise, Warns of Possible Correction for Bitcoin
A widely followed crypto analyst is keeping an eye on Bitcoin (BTC) and altcoins as the crypto markets rage.
Crypto trader Michaël van de Poppe tells his 697,000 followers on the social media platform X that the altcoin markets are about to explode.
The analyst uses the blockchain data provider Covalent (CQT) as an example.
“The rotation towards altcoins is likely going to happen.
CQT is breaking out as we’re reaching a new yearly high.
Has standard 20-40% dips -> opportunities, but my expectations are that this is likely to continue to $0.75 in the coming period.”
CQT is worth $0.373 at time of writing, up 3% in the last week.
Next, the analyst predicts that the rising altcoin markets could push Ethereum (ETH) up to $5,000.
“Altcoin market capitalization is slowly moving upwards.
The upside could be captured on Bitcoin, meaning a rotation towards altcoins.
Therefore, Ethereum to $4,500-5,000 is likely, while altcoins will accelerate with 2-4x returns.”
ETH is trading for $3,440 at time of writing.
Finally, looking at BTC, the analyst predicts that if a Bitcoin pullback does occur, it could fall as low as $46,000.
“Bitcoin manages to reach a $670 million net inflow.
Mostly, this is coming through Blackrock’s ETF (exchange-traded fund) and interest.
The price is $62,600, with insanely strong movements before the halving.
What to look for?
If a correction happens, I aim at $46,000 or $53,000 for longs.”
BTC is worth $62,175 at time of writing.
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