Is Algotech a buy as analysts boost their Bitcoin price forecast?
Analysts are growing more bullish on Bitcoin even as the price stalls at $70,000. If their new predictions are accurate, it could have a strong implication on other mainstream altcoins like Solana and Avalanche. It could also have a major impact on new cryptocurrencies like Algotech (ALGT) since these assets tend to follow Bitcoin’s lead.
Analysts are bullish on Bitcoin
Many analysts are increasingly bullish on cryptocurrencies. The most important player in the sector is Blackrock, the biggest asset management company in the world with over $10 trillion in assets under management.
Blackrock’s own IBIT ETF has gained over $15 billion in assets under management as Larry Fink, the company’s CEO has expressed optmism that the coin will continue rising. Fink is also optimistic about Ethereum as a wallet associated with his company has over $100 million.
Other big asset management companies like Fidelity, Invesco, and Franklin Templeton have become highly invested in Bitcoin.
Meanwhile, analysts at Standard Chartered, who have been highly accurate, have boosted their Bitcoin price outlook to $150k. This means that they expect that the coin will surge to over $150k in the coming months.
Laurent Benayoun, the CEO of Acheron Trading, believes that Bitcoin will surge to $180,000. He pointed to the past cycles and compared it with the ongoing one, saying:
“If we look at historical performance, with every cycle the multiple on the all-time is getting lower. So if we apply this reasoning it could be 2x to 3x what we saw in the previous cycles, so let’s say around $120,000 to $180,000 per unit.”
Other experts are highly bullish on Bitcoin. Some of the most notable ones are Cathie Wood, who sees BTC surging to $3.8 million, Mike Novogratz, and Tom Lee.
I believe that Bitcoin has more upside since it has formed a cup and handle pattern on the weekly chart. In most periods, this pattern is usually one of the most bullish in the market. The coin’s consolidation is part of the handle section, as shown below.
Algotech is booming
Meanwhile, Algotech, an upcoming decentralised algorithmic crypto trading platform, is booming. Data compiled in its website shows that the network has raised over $3.5 million from investors. It is now in the second stage of the token sale, with just 311k remaining.
Algotech is aiming to disrupt the trading industry by leveraging the concepts of advanced technologies like artificial intelligence (AI), machine learning, quantitative analysis, blockchain, and high-frequency trading (HFT).
The use of algorithms in trading is not new. Indeed, some of the best-performing hedge funds in Wall Street are those that focus on this technology. For example, Renaissance Technology’s Medallion Fund has generated annual returns of over 60% in the past two decades.
Other quantitative hedge funds like AQR Capital, Two Sigma, and Acadian have a long history of generating strong returns in the market.
Algotech’s technology aims to achieve these superior returns in the crypto industry, which is seeing strong growth. It will use several strategies, including momentum, mean reversion, breakout, and arbitrage.
By so-doing, the developers hope to make profits in all market conditions, including during bull and bear periods and when the market is moving sideways. Algotech will have an edge against other similar platforms by investing in partnerships with the leading crypto data providers and exchanges. You can learn more about Algotech in this white paper. Also, you can buy the Algotech token here.
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