Bitcoin has been trading below $30k for the past two months. However, market analysts believe that the leading cryptocurrency could rally toward the $37k level in the near term.
With a potential Bitcoin rally, could this be an opportunity for investors to purchase more cryptocurrencies? Does the potential rally also indicate that the bull market is back?
Valkyrie Investments see Bitcoin’s price rally to $37k
Valkyrie Investments has suggested that Bitcoin’s price could reach the $37k level in the near term. According to the investment firm, a price pattern called “throwback” has emerged on Bitcoin’s daily chart that could see the leading cryptocurrency reach $37 soon.
Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming in recent weeks. After topping the $30k level in April, Bitcoin has been trading between the $25k to $28k regions over the past two months.
Joshua Olszewicz, head of research at Valkyrie Investments, commented that;
“The 19% pullback from the mid-April high of $31,000 to a former breakout point is a classic throwback pattern. “Typically, but not always, prices will break above the neckline [resistance] and then return to that level, currently between $24,000 [and] $25,000. This behavior is described as a ‘throwback,’ which in this case also includes a nearly three-month bullish reversal falling wedge chart pattern.”
What does this mean for Bitcoin and AltSignals?
Following the rally experienced earlier this year, Bitcoin’s rally has been stunted in recent weeks. At press time, the price of Bitcoin currently stands at $25,981.
If the analysis pans out, Bitcoin could rally higher in the near term. Bitcoin’s performance also affects the broader cryptocurrency market. A Bitcoin rally could also see several altcoins record gains in the near or medium term.
Investments into the cryptocurrency market could also increase if Bitcoin’s price rallies higher. AltSignals is one of the new projects in the cryptocurrency space, and it holds a lot of promise.
As a trading-focused project, AltSignals could benefit from an influx of funds into the cryptocurrency market. As more people begin to trade cryptocurrencies, AltSignals could gain massive adoption amongst traders, and this could see its ASI token record excellent profits.
What is AltSignals?
AltSignals could be one of the projects that will benefit from a potential Bitcoin rally. AltSignals is a trading platform designed to provide trading signals for stocks, forex, indices, cryptocurrencies, and CFDs.
It is still in its presale stage, and the development team has raised 92% of the funds needed to develop its products and services. The AltSignals team wants to raise $1 million in the current presale funding round and has already raised $997,000.
ASI, the native token of the AltSignals ecosystem, is currently going for $0.015. However, it could record huge gains once the team launches its products and the token lists on crypto exchanges.
The AltSignals team will be using the funds to develop ActualizeAI, a solution that could make it easier for more people to enter the cryptocurrency trading scene. This solution will be fully automated and work 24/7, making it easier for users to trade cryptocurrencies.
Visit the official AltSignals website to learn more about their presale.
Is now a good time to invest in AltSignals?
Bitcoin has defended its price above $25k in recent weeks despite the ongoing FUD in the United States against Binance and Coinbase.
With the Valkyrie analysis suggesting that Bitcoin could reach $37k in the near term, ASI could be one of the projects that benefit from the rally. If the development team delivers on its promise, AltSignals could see an influx of traders on its platform and that could positively impact ASI’s price in the medium and long term.
ActualizeAI could also positively contribute to the adoption rate of AltSignals over the coming months and years.
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