Pro: Bitcoin price to reach $37,000
The Bitcoin (BTC/USD) exchange rate has done well in March as investors have rushed to safety during the ongoing banking crisis. After falling below $20,000 on March 18, it rebounded to a high of $29,000, the highest point since June 2022.
Crypto expert predicts next move
Analysts have mixed views on the current crypto rally and whether it is here to stay. Some, like Peter Schiff, still believe that gold is a better investment than BTC at these levels. In a statement, Tether’s Chief Technology Officer (CTO) said Bitcoin could test its all-time high this year.
And in a tweet, an analyst who goes by the name CryptoCon concluded that the next level to watch will be $37,000. He cited that BTC had first formed a golden cross pattern, which is formed when the 200-day and 50-day moving averages make a crossover. In most periods, this pattern is one of the most accurate bullish signals in technical analysis.
On top of that, he noted that BTC had also retested the 350-day moving average. As such, he expects the momentum to continue. If he is accurate, that means Bitcoin has 32% up from today’s price of $28,400.
Potential BTC Catalysts
Bitcoin has many catalysts that can push its price higher. First, there is the concept of trend following, which says that the trend is your friend until the end. Looking at the daily chart, we see that Bitcoin is clearly in an uptrend and is above the 50-day exponential moving average.
BTC has also crossed key resistance levels, including $25,191, the August 15, 2022 high, and February 19. This means that the upward trend may continue in the short term. Therefore, technically speaking, BTC seems to have momentum.
Second, developers have started building more tools around BTC. The most exciting one is Ordinals, which has enabled people to build Bitcoin NFTs. Stacks has also created a unique product that enables creators to build dApps that use Bitcoin. Therefore, we can enter a new phase where Bitcoin gets more use like Ethereum and Cardano.
Furthermore, monetary policy has a role to play. As I wrote in this report, The Federal Reserve decided to raise interest rates by 0.25 percent. There are signs that the Fed may be nearing the end of its hiking cycle. While rates will remain at an elevated level for some time, a break would be beneficial for BTC and other safe-haven assets.
Finally, Bitcoin seems quite undervalued. Although no valuation standard has been developed, we can compare BTC to gold. Gold’s market value is estimated to be around $13 trillion compared to Bitcoin’s $545 billion. This is notable since Bitcoin’s ownership by institutions is relatively insignificant. As such, in the future, I extrapolate that the valuation gap will narrow as BTC is seen as digital gold.
Implications for AltSignals
AltSignals is a piece of software that uses advanced technologies such as natural language processing, artificial intelligence and machine learning to analyze key assets such as cryptocurrencies, stocks and currency. It then sends these signals to its customers, which they can use in their trading activities.
In addition to machine learning, the ActualizeAI product incorporates other technologies such as regression, predictive modeling, sentiment analysis, and AutoML to do reinforcement learning.
The developers have also built the platform’s cryptocurrency token known as $ASI. $ASI will aim to facilitate membership in the AltSignals ecosystem. In addition, holders will have access to more features such as early access to new upgrades.
AltSignals is now running a presale for the $ASI token that has so far raised $184,035. With growing interest in artificial intelligence tools like ChatGPT and Google Bard, there is a possibility that the pre-sale will end soon. Recently, we have seen many AI-focused cryptocurrencies such as SingularityNET, Rejuve.ai and Fetch.ai doing well in the market. And with Bitcoin prices predicted to rise, there is a possibility that this trend will continue. Learn more about AltSignals here.
