Spot On Chain, an on-chain analysis firm that uses Google Cloud Vertex AI (artificial intelligence), conducted a detailed analysis using Vertex AI to predict the future price for Bitcoin (BTC).
This report gives valuable information on the cryptocurrency market’s outlook for short-medium-long-term.
Bitcoin Price Forecasts
Spot On Chain’s reportThe price of Bitcoin is expected to vary between $60,000 and $75,000 in May, June and July 2024.
You can also find out more about this by clicking here. projected range The market is likely to be volatile, as 48% of the probability that BTC may fall below $60,000 has been assigned. Furthermore, the market volatility is predicted to be 48% in the scenario where BTC prices may drop below $60,000.He report suggests a cautious approach. It acknowledges the possibility of price corrections or short-term changes.
Spot On Chain’s Analysis reveals that Bitcoin is likely to reach $100,000 in 2024. This 63% probability makes it a very compelling prediction.
The mid-term forecast reflects the prevailing bullish market sentiment, which is further fuelled by expected rate cuts The Federal Open Market Committee will meet in December 2023.
This rate reduction aims to reduce the federal funds rate to 4,6%, and is expected to stimulate demand for risky assets such as Bitcoin and stocks.
Spot On Chain’s modelling indicates a high probability of Bitcoin crossing the threshold at $150,000 by the end of the 2025 first half. A 42% chance is attached to this scenario. It indicates that Bitcoin will continue on its upward trajectory.
What’s even more impressive is that if you look at 2025 as a whole, there are 70% chances of Bitcoin reaching $150,000. According to historical data, Bitcoin’s price reached its highest level approximately six to twelve months after it peaked. Halving event.
Is Price consolidation on the Horizon?
Retk Capital also sheds some light on the key factors that are driving Bitcoin’s price. resistance levels The potential of a consolidation period before an expected parabolic upward movement.
Retk Capital has a new report. analysisBitcoin was consistently rejected by the $65,600 level and failed to recover it as support.
The resistance zone below has restricted Bitcoin’s growth in the past few days.
Retk Capital highlights the fact that Bitcoin is experiencing wicks on its downside, resulting in a liquid pool at around $60,000. The occurrence of this has occurred over a period of several weeks. This indicates the existence buyers This price range is a good place to start.
Analysts will be able to tell if Bitcoin continues its downward trend. believes It is possible that the company may revisit this territory. Further, the analyst notes that:
Without context, price drops can have an emotional impact. Understanding that the downside of Parabolic Upside is within a range-bound technical structure makes it much easier to accept.
BTC currently trades at $63,900. This is down about 8% in the last two weeks, and about the same amount over the previous 30 days.
Charts from TradingView.com and Shutterstock.
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