Bitcoin ,BTC/USD) The price has performed well in March as investors have rushed to its safety during the current banking crisis. After falling below $20,000 on March 18, it rose to a high of $29,000, the highest point since June 2022.
Crypto experts predict the next move
Analysts have mixed views about the current crypto rally and whether it is here to stay. Some, such as 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 reach its all-time high this year.
And in a tweet, an analyst named Cryptocon concluded that the next level to watch would be $37,000. He cited that BTC previously formed a golden cross pattern, which is formed when the 200-day and 50-day moving averages form a crossover. Over most periods, this pattern is one of the most accurate bullish signals in technical analysis.
Furthermore, he noted that BTC also tested the 350-day moving average. So they expect the momentum to continue. If that is accurate, it means that 32% of bitcoin is To the upside from the current price of $28,400.
Potential BTC Catalyst
There are several catalysts for bitcoin that can propel its price. First, there is the concept of trend-following, which says that the trend is your friend till the end. Looking at the daily chart, we can see that bitcoin is clearly in an uptrend and is well above the 50-day exponential moving average.
Furthermore, BTC has overcome key resistance levels, including $25,191, the highest point on August 15, 2022, and February 19. This means that the uptrend may continue in the near term. So, technically speaking, BTC is showing momentum.
Second, developers have started building more utilities around BTC. Most exciting is Ordinals, which makes it possible for people to own bitcoin. nft, Stack has also created a unique product that enables creators to build dApps that use bitcoin. Therefore, we may be entering a new phase where bitcoin gains more utility like Ethereum and Cardano.
In addition, monetary policy has a role to play. as i wrote in reports, The Federal Reserve decided to hike interest rates by 0.25%. There are signs that the Fed may be nearing the end of its hiking cycle. While rates will remain elevated for some time, a halving will be beneficial for BTC and other safe-haven assets.
In conclusion, bitcoin appears to be quite undervalued. While no valuation benchmark has been developed, we can compare BTC Sleep, Gold’s market cap is estimated to be around $13 trillion, compared to Bitcoin’s $545 billion. This is notable because the ownership of bitcoin by institutions is relatively negligible. As such, in the future, I postulate that as BTC is viewed as digital gold, the valuation gap will narrow.
Implications for AltSignals
AltSignals It is a piece of software that uses advanced technologies such as natural language processing, artificial intelligence, and machine learning to analyze major assets such as cryptocurrencies, stocks, and forex. It then sends these signals to the clients, which they can use in their trading activities.
In addition to machine learning, its ActualizeAI product incorporates other techniques such as regression, predictive modeling, sentiment analysis, and AutoML to perform reinforcement learning.
The developers have also created a cryptocurrency token of the platform known as $ASI. The purpose of $ASI will be to facilitate membership in the AltSignals ecosystem. Plus, holders will have access to more features, such as early access to new upgrades.
AltSignals is now running pre Sales For the $ASI token which has raised $184,035 so far. With the growing interest in AI tools like ChatGPT and Google Bard, there is a possibility that the presale will end soon. Recently, we have seen several AI-focused cryptocurrencies such as SingularityNET, Rejuve.ai, and Fetch.ai performing well in the market. , And this trend is likely to continue, with Bitcoin price predicted to rise further. Learn more about AltSignals Here,