The cryptocurrency market has been on a rollercoaster ride in recent weeks. After the strong rise, there were sharp declines and now it is trying to recover. In this uncertain atmosphere, a popular cryptocurrency analyst says that the leading altcoin Ethereum is giving a bullish signal. The analyst is also updating his outlook on Bitcoin and a think tank token.
Analyst: The leading altcoin will outperform Bitcoin!
cryptokoin.comAs you can see from , the market follows an extremely volatile course. Leading crypto Bitcoin rose above 40 thousand dollars after falling to 38 thousand dollars. However, it is unclear whether it can maintain this level. In this foggy environment, popular crypto analyst Michaël van de Poppe shared his latest market predictions. The analyst predicts that Ethereum will outperform Bitcoin in the coming weeks. According to the analyst, ETH/BTC is showing a bullish trend on the weekly chart. This is a sign that the pair may be preparing for an upward move. In this context, Van de Poppe makes the following statement:
Personally, I believe Ethereum will outperform Bitcoin in the coming period. This started since the ETF (exchange traded fund) approval. A major weekly bull divergence has occurred. However, it faces significant resistance at 0.06 BTC ($2,385). A little more consolidation and then we’ll probably move up.
According to his chart, the analyst predicts that ETH/BTC will rise as high as 0.13 BTC ($5,168) later this year. At the time of writing, ETH/BTC was at 0.05596 BTC ($2,224).
Analyst sees the decline in altcoins as a buying opportunity
Michaël van de Poppe then looks at the leading cryptocurrency, Bitcoin. The analyst predicts that BTC will drop to around $38,000 before finding support. In this regard, Van de Poppe said, “Bitcoin is at the lowest level of the range and is actually in an area that should be accumulated. It also means that altcoins are in the buying phase. Because declines of 20-40% are a great opportunity.” says.
Meanwhile, at the time of writing, Bitcoin was trading at $40,000, up 2.4% on a daily basis. However, BTC saw a 5.8% loss on its weekly chart.
According to the analyst, CQT has the spirit of TIA!
The analyst is also closely monitoring the price action of Blockchain data aggregator Covalent (CQT). According to Michaël Van de Poppe, CQT is likely heading towards the next support level around $0.15 before sparking a strong surge. In this regard, the analyst says the following:
One of the last runners was TIA (Celestia). But rivals are also likely to accelerate the momentum. CQT is one of them. The market cap is relatively low and is correcting, just like the entire market. This presents opportunities, and I think CQT is one of those opportunities before it reaches $0.42.
Meanwhile, CQT was trading at $0.2376 at the time of writing, up 13.4% on a daily basis.
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