A prominent crypto analyst is optimistic about the potential of a lesser-known artificial intelligence (AI) token to make significant gains.
Michaël van de Poppe, a crypto trader, shares with his 722,600 followers on the social media platform X that Covalent (CQT), ranked as the 346th largest crypto by market capitalization, is set for a substantial rally.
“CQT has retraced back to the levels seen in November 2023 after experiencing a sharp correction from its peak in February. I anticipate a notable price increase for Covalent following their recent developments.”


Source: Michaël van de Poppe/X
At the time of writing, CQT is valued at $0.163, reflecting a 2.2% increase for the day.
In regard to Bitcoin (BTC), Van de Poppe cautions that the leading cryptocurrency might undergo a temporary decline before resuming its upward trajectory.
“This scenario is likely for Bitcoin. Ideally, we will reach the $60,000 mark where a bullish trend reversal is expected. We anticipate a turnaround beginning next week coinciding with the launch of an Ethereum ETF (exchange-traded fund).”


Source: Michaël van de Poppe/X
BTC is currently priced at $61,487, showing a 0.8% increase over the last 24 hours.
Shifting focus to Ethereum (ETH), the analyst notes that ETH faces a challenging climb against BTC (ETH/BTC).
“From a technical perspective, ETH has maintained a critical support level. I foresee a gradual ascent from this point onwards. If it manages to reach 0.06 BTC ($3,690), I believe we will witness a significant breakout and heightened strength in altcoins for the remainder of the year.”


Source: Michaël van de Poppe/X
ETH is valued at $0.056 BTC ($3,444) at the time of reporting, indicating a 2.3% decline over the week.
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