Machine learning algorithm accurately forecasts Bitcoin price for June 30, 2024
Bitcoin (BTC) has been experiencing some setbacks lately, but there are promising prospects for the flagship decentralized finance (DeFi) asset. Machine learning and artificial intelligence (AI) algorithms are predicting advancements for the popular cryptocurrency in the near future.
Recently, Bitcoin bounced back from the $70,000 level and has been trading below it for most of the time since then. However, its more recent movements show signs of recovery as the largest crypto asset by market capitalization approaches this critical psychological level once again.
Regarding its performance in the coming weeks, Bitcoin has the potential to surpass this important price mark and continue to grow, possibly reaching $75,245.53 by June 30, 2024, according to advanced algorithms used by the crypto analytics and forecasting platform PricePredictions.
In other words, Bitcoin could increase by 9.02% from its current price if the algorithm’s prediction, which relies on technical analysis (TA) indicators like relative strength index (RSI), Bollinger Bands (BB), moving average convergence divergence (MACD), and others, turns out to be true.
Currently, the number one asset in the crypto market is trading at $69,020, indicating a 2.38% increase for the day, a 0.70% gain over the past week, a 9.26% growth in the last month, and a 60.51% advancement since the beginning of the year.
According to crypto trading expert Ali Martinez, Bitcoin is hovering “around the +0.5σ pricing band at $66,800.” If it can hold above this level, BTC is likely to rise and test the 1.0σ pricing band at $79,600, as shared in an analysis on June 2.
Earlier, pseudonymous crypto analyst Rekt Capital stated that Bitcoin has the potential for a breakout if it can surpass the key price levels of $70,000 and $71,600, which have acted as significant barriers to its rally.
Taking into account the projections of both machine algorithms and crypto analysts, the Bitcoin prediction for 2024 looks optimistic. However, trends in the crypto world can change rapidly, so it is important to conduct thorough research before making significant investments.
Disclaimer: The content on this site should not be considered as investment advice. Investing in cryptocurrencies is speculative, and there is a risk of losing your capital.
