Key Takeaway
Bitcoin has been trading below $30,000 for the past two months, but analysts at Valkyrie Investments predict that the top cryptocurrency could rise to the $37,000 mark in the short term. This potential rally could be an opportunity for investors to buy more cryptocurrency, potentially signaling a return of the bull market.
Joshua Olszewicz, the Head of Research at Valkyrie Investments, said: “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.”
At the time of writing, Bitcoin’s price is at $25,981. If the analysis is correct, the cryptocurrency market could see an increase in demand due to Bitcoin’s potential rally.
AltSignals, a new alternative to the traditional trading signals, is one of the projects that could benefit from the influx of money into the cryptocurrency markets. The ASI token could record impressive profits if traders begin to adopt cryptocurrency trading.
The development team is still in the presale phase, but has already raised 92% of the amount needed to develop their products and services. They are aiming to raise $1,000,000 in the current pre-sale funding round, and have already raised $997,000. The ASI token is currently selling for $0.015, but there is potential for huge gains if they list the token on crypto exchanges.
AltSignals’ team will use the funds to develop ActualizeAI, a fully automated solution that works 24/7 to make trading cryptocurrencies easier.
If you are interested in investing in AltSignals or learning more about the presale, visit their official website.
It is clear that the analysis has been successful, and the market could rise in the near future. Bitcoin’s performance also affects the broader cryptocurrency market, so altcoins could also record gains in the short or medium term. AltSignals holds a great deal of promise as one of the newest projects in the cryptocurrency sector and could benefit from the Bitcoin rally.
