AI foresees Bitcoin price on July 31 2024
Bitcoin has surged above $62,000, yet reclaiming the $63,000 mark remains a challenge for the leading decentralized finance (DeFi) asset. Advanced machine learning and artificial intelligence (AI) models suggest it could breach this level by July’s end.
Bitcoin has recently weathered a bearish phase, persisting for most of the month. Brief recoveries occurred in recent days, but it dipped back below $63,000 within the last 24 hours.
According to PricePredictions, a platform monitoring cryptocurrencies, AI algorithms foresee Bitcoin rebounding to $63,261.23 by July 31, 2024, based on data as of July 2.
Current trading places Bitcoin at $62,710, marking a 0.22% rise in the last day and a 2.65% increase over the past week. However, it reflects an 8.08% loss over the past month, as indicated by the latest charts from Finbold.
Historically, Bitcoin often follows a pattern where a slump in June’s returns is followed by a July rally. This trend has repeated in seven of the last eight July trading periods, with gains ranging from 8% to 24%, according to CoinGlass data.
Additionally, a notable observation by pseudonymous crypto analyst apsk32 highlights Bitcoin’s adherence to a power law over a decade, signaling inherent growth within its network—an uncommon trait in traditional financial markets.
In line with this observation, experts anticipate Bitcoin, the largest cryptocurrency by market capitalization, could reach $300,000 by the end of 2025, assuming the four-year cycle of bull markets persists.
While AI projections and expert opinions suggest a promising outlook for Bitcoin by month-end, conditions in the crypto market can shift unexpectedly. Therefore, conducting thorough research and understanding risks remains crucial for investors.
Disclaimer: The information provided here does not constitute investment advice. Investing involves risks, and capital is at risk when investing.
