Monat: Juni 2023

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Valkyrie Investments suggests Bitcoin’s price could surge to $37k soon

Key takeaways

  • Valkyrie Investments suggests that Bitcoin’s price could reach $37k soon.

  • The potential rally could positively affect cryptocurrency projects like AltSignals.

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.

The post Valkyrie Investments suggests Bitcoin’s price could surge to $37k soon appeared first on CoinJournal.

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Here’s why the Nasdaq 100 and Bitcoin correlation has faded

  • Bitcoin price has crashed by about $6,000 from its highest point this year.

  • Nasdaq has moved into a strong bull market because of AI.

  • The Federal Reserve will conclude its two-day meeting on Wednesday.

Nasdaq 100 and Bitcoin prices have moved in the opposite direction in the past few weeks. The tech-heavy Nasdaq 100 index has soared to the highest level since April last year. In all, it has jumped by almost 40% from the lowest level this year. 

Bitcoin price, on the other hand, has been stuck at the important support level at $25,200. It has dropped by more than $6,000 from its highest level this year. In the past, Nasdaq 100 and Bitcoin had a close correlation because they are often seen as high-risk assets.

Regulatory concerns

The main reason why the Nasdaq 100 and Bitcoin price correlation has faded is the ongoing crackdown in the United States. On Monday last week, the Securities and Exchange Commission (SEC) filed a major lawsuit against Binance, the biggest company in the industry.

The agency accused the company of deceptive practices, commingling funds, and offering its services in the United States illegally. Then on Tuesday, the SEC filed a lawsuit against Coinbase, the biggest company in the US. It accused Coinbase of listing unregistered securities to American customers.

The regulatory crackdown comes at a time when the crypto industry has gone through a challenging period. Last November, FTX, a major crypto exchange filed for bankruptcy, costing invetors billions of dollars. 

Crypto companies argue that the SEC and other policymakers have not issued clear guidance about the crypto industry. For example, Coinbase questioned why the SEC allowed it to go public if it offered illegal products.

Why Nasdaq 100 index is soaring

On the other hand, the Nasdaq 100 index is soaring because of FOMO and the ongoing artificial intelligence hype. A closer look at the top movers in the Nasdaq 100 index shows that they have a thing to do with AI.

Nvidia share price has jumped by more than 180% this year, giving it a market cap of over $1 trillion. Tesla, which is also investing in AI, has soared by over 110% while Broadcom, Amazon, and Palo Alto Networks have risen by more than 70%.

Therefore, there is a likelihood that investors are rotating from the high-risk crypto industry to invest in stocks. Stocks are widely seen as being less risky than cryptocurrencies. 

Still, there is a likelihood that cryptocurrencies will bounce back later this month as the regulatory concerns ease. As we have seen in the past, these cases tend to take years to conclude. 

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The post Here’s why the Nasdaq 100 and Bitcoin correlation has faded appeared first on CoinJournal.

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Bitcoin consolidates ahead of the Fed’s decision; is it safe to buy it here?

  • The Federal Reserve of the United States is expected to keep the funds rate on hold 
  • A dovish message would spell trouble for the US dollar 
  • Bitcoin may overcome resistance seen at $30,000

Today is a big day for financial market participants because the Federal Reserve of the United States will announce its monetary policy decision. The consensus is that the Fed will “skip” a rate hike at its June meeting, but it will have a hawkish tone suggesting that another rate hike may come in July.

Therefore, the message to market participants might be mixed. On the one hand, by pausing the rate hikes, the Fed sends a dovish message. On the other hand, by suggesting another hike will come in July, the message turns hawkish.

In other words, today’s decision might have something for both bulls and bears. For Bitcoin, the dollar’s direction matters because, lately, Bitcoin has moved together with the dollar.

For example, the dollar peaked last October when US stocks bounced from their lows. So did Bitcoin, albeit the rally started only in 2023.

Bitcoin chart by TradingView

Bitcoin trapped between two round levels

Round numbers are important levels in technical analysis because people tend to take profits around such levels. In the case of Bitcoin, two levels are very important in 2023 – $30,000 to the upside and $20,000 to the downside.

The former offered resistance, and because the market is close to it, it suggests that the consolidation seen in the last months may just be a continuation pattern. Therefore, Bitcoin would likely rally some more if bulls manage to overcome resistance.

On the flip side, one may spot a possible descending triangle. A clear break below support should open the gates to further weakness towards $20,000.

All in all, the bias remains bullish while Bitcoin trades near the $30,000 level. On a dovish Fed, resistance might be easily broken.

The post Bitcoin consolidates ahead of the Fed’s decision; is it safe to buy it here? appeared first on CoinJournal.