Though Bitcoin (BTC) has struggled recently, the outlook for the leading decentralized finance (DeFi) asset looks promising, with machine learning and artificial intelligence (AI) algorithms predicting near-future advancements for the popular cryptocurrency.
Indeed, Bitcoin rebounded from the $70,000 level last week and has been trading below that level for most of the time since then, but recent moves suggest signs of a recovery as the largest crypto asset by market cap comes closer to reclaiming this important psychological level.
BTC Price Prediction
In terms of performance in the coming weeks, according to advanced algorithms deployed by the crypto analytics and forecasting platform, Bitcoin could surpass this key price mark and continue to grow, reaching $75,245.53 by June 30, 2024. Price Prediction Retrieved June 3rd.
In other words, if the predictions of the algorithm, which relies on technical analysis (TA) indicators such as the Relative Strength Index (RSI), Bollinger Bands (BB) and Moving Average Convergence Divergence (MACD), come true, Bitcoin could rise by 9.02% from its current price.
Bitcoin Price History
As of now, the crypto market’s top asset is trading at $69,020, up 2.38% on the day, 0.70% in the past week, piling on growth of 9.26% in the past month, and up 60.51% since the start of the year.
Meanwhile, popular crypto trading expert Ali Martinez recently analyzed in a June 2 X post that Bitcoin has been hovering “near the +0.5σ price range of $66,800,” and if it can sustain that level, “BTC will likely rise and test the 1.0σ price range of $79,600.”
Formerly anonymous crypto analyst Recto Capital He opined that Bitcoin certainly has room for a breakout as long as it breaks through the key price levels of $70,000 and $71,600, which have repeatedly halted Bitcoin's rise and have been major obstacles.
All things considered, and taking into account predictions by both machine algorithms and crypto analysts, Bitcoin's predictions for 2024 look optimistic. However, trends in the crypto world can easily change, so it's important to do your own research if you're investing large amounts of money.
Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when investing.
