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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Analyst Says Altcoins Are on the Rise, Warns of Possible Correction for Bitcoin appeared first on The Daily Hodl.