Although Bitcoin (BTC) has been dragging its feet lately, the prospects of the flagship decentralized finance (DeFi) asset look promising, particularly as machine learning and artificial intelligence (AI) algorithms predict advances for the popular cryptocurrency in the near future.
As it happens, Bitcoin last week bounced from the $70,000 level and has been trading beneath it for the majority of the time since, but its more recent movements demonstrate signs of recovery, as the largest crypto asset by market capitalization moves closer to retaking this critical psychological level.
30-day Bitcoin price prediction 2024. Source: PricePredictions
In other words, Bitcoin might advance by 9.02% from its current price provided that 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, comes true.
Bitcoin price history
For the time being, the number one asset in the crypto market is trading at $69,020, suggesting an increase of 2.38% on the day, gaining 0.70% across the past week, and accumulating growth of 9.26% in the last month, as well as advancing 60.51% since the year’s turn.
Bitcoin price 30-day chart. Source: Finbold
Elsewhere, popular crypto trading expert Ali Martinez has recently observed that Bitcoin was hovering “around the +0.5σ pricing band at $66,800” and that if it could hold above it, “BTC will likely rise to test the 1.0σ pricing band at $79,600,” according to the analysis he shared in an X post on June 2.
Bitcoin market value to realized value (MVRV) extreme deviation pricing bands. Source: Ali Martinez
Earlier, pseudonymous crypto analyst Rekt Capital shared his view that Bitcoin, indeed, had room for a breakout as long as it clears the key price levels of $70,000 and $71,600, which have repeatedly capped its attempts to rally, establishing themselves as significant barriers.
#BTC Successful retests at the orange area (green circles) are what enable further upsideBut the retests dating to March only fed into local top structures, however (blue squares)History suggests this tendency may continue, as Bitcoin rarely breaks to new All Time Highs… pic.twitter.com/UVZ8xvFfXG
— Rekt Capital (@rektcapital) May 26, 2024All things considered, Bitcoin prediction 2024 looks optimistic, taking into account the projections by both machine algorithms and crypto analysts. However, trends in the cryptoverse can easily change, so it is important to do one’s own research when investing larger amounts of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
