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Bitcoin (BTC/USD) price has done well in March as investors have rushed to its 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 the next move
Analysts have mixed views about 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 that Bitcoin could retest 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 forms 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 that the momentum will continue. If he is accurate, then it means that Bitcoin has a 32% upside from the current price of $28,400.
Potential BTC catalysts
Bitcoin has numerous catalysts that could push its price higher. First, there is the concept of trend-following, which says that the trend is your friend to 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.
Also, BTC has crossed key resistance levels, including $25,191, the highest point on August 15 2022, and February 19. This means that the upward trend could continue in the near term. Therefore, technically speaking, BTC seems to have momentum.
Second, developers have started building more utilities around BTC. The most exciting one is Ordinals, which has made it possible for people to build Bitcoin NFTs. Stacks has also created a unique product that enables creators to build dApps that use Bitcoin. Therefore, we might be entering a new phase where Bitcoin gains more utility like Ethereum and Cardano.
Further, monetary policy has a role to play. As I wrote in this report, the Federal Reserve decided to hike interest rates by 0.25%. There are signs that the Fed could be nearing the end of its hiking cycle. While rates will remain at an elevated level for a while, a pause will be beneficial for BTC and other safe assets.
Finally, Bitcoin seems quite undervalued. While no valuation standard has been developed, we can compare BTC with gold. Gold’s market cap is estimated to be about $13 trillion compared to Bitcoin’s $545 billion. This is notable since Bitcoin’s ownership by institutions is relatively negligible. As such, in the future, I excerpt that the valuation gap will narrow since BTC is seen as digital gold.
Implications for AltSignals
AltSignals is a piece of software that uses advanced technologies like natural language processing, artificial intelligence, and machine learning to analyze key assets like cryptocurrencies, stocks, and forex. It then sends these signals to clients, which they can use in their trading activities.
In addition to machine learning, its ActualizeAI product incorporates other technologies like 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 have the purpose of facilitating membership into the AltSignals ecosystem. Also, holders will have access to more features like early access to new upgrades.
AltSignals is now running a presale for the $ASI token that has so far raised $184,035. With interest in artificial intelligence tools like ChatGPT and Google Bard rising, there is a possibility that the presale will end soon.Recently, we have seen many AI-focused cryptocurrencies like SingularityNET, Rejuve.ai, and Fetch.ai do well in the marketplace. And with Bitcoin prices predicted to rally, there is a possibility that this trend will continue. Learn more about AltSignals here.
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