AI Forecasts Bitcoin Price on July 1 2024
Bitcoin (BTC) is currently experiencing a period of stagnation, far below its previous all-time high of $73,738 in March of this year. Machine learning and artificial intelligence (AI) algorithms are predicting a negative outlook for Bitcoin’s price in the near future.
In recent weeks, Bitcoin’s price has slowed down and consolidated around $65,000. It has only recently surpassed the $66,000 mark, triggering modest gains in the rest of the market.
According to advanced AI algorithms deployed by the cryptocurrency analytics and forecasting platform PricePredictions, Bitcoin’s price is expected to continue declining in the coming weeks. The algorithms predict that by July 1, 2024, Bitcoin will drop to a price of $62,752.78.
These predictions are based on technical analysis parameters such as the relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), and others.
Currently, Bitcoin is valued at $66,200, showing a 1.26% gain in the last 24 hours. However, it has dropped 2.27% in the previous seven days and experienced a 6.95% decline over the past month. Despite this, it has still seen a 53.91% increase since the beginning of the year.
Some experts in the crypto market have made their own predictions about Bitcoin’s future price. Professional crypto trader Ali Martinez suggests that if Bitcoin’s current market cycle follows the patterns of the previous three cycles, the peak of the cycle could occur in December 2024 or October 2025.
Another pseudonymous crypto market analyst, CryptoCon, has shared two scenarios for Bitcoin’s price at the cycle peak. Using Fibonacci retracement from the cycle bottom to the top of the first move, the analyst suggests a price of $106,000 or a more optimistic $161,000.
Overall, while Bitcoin may start the next month at a lower price, experts believe that this decline is temporary and a natural part of its cycle. They predict that the cycle peak for Bitcoin, the largest asset in the crypto sector by market capitalization, will occur as scheduled.
Disclaimer: The information provided in this article should not be considered investment advice. Investing in Bitcoin carries risk, and individuals should exercise caution when making investment decisions.
