While Bitcoin (BTC) is returning to levels above $62,000, the flagship asset of decentralized finance (DeFi) still seems to be struggling to reclaim the $63,000 mark, but some machine learning and artificial intelligence (AI) algorithms expect it to succeed by the end of July.
Indeed, Bitcoin’s price has been in a bearish streak lately that has lasted for the better part of a month, and it has only managed to recover briefly in the last few days before falling back below the $63,000 mark in the last 24 hours.
Bitcoin Price Prediction
As for its performance in the coming weeks, advanced AI algorithms will be working on the cryptocurrency monitoring and forecasting platform. PriceForecasts It was forecast to turn positive and reach $63,261.23 on July 31, 2024, based on data as of July 2.
This means that Bitcoin could rise 0.88% from its current price if these predictions, based on technical analysis (TA) parameters such as Average True Range (ATR), Bollinger Bands (BB), and Moving Average Convergence Divergence (MACD), come true.
Bitcoin Price Analysis
The leading crypto asset is currently trading at $62,710, up 0.22% over the past 24 hours and up 2.65% over the previous seven days, while it has suffered a loss of 8.08% over the past month, according to the latest charts.
Another bullish sign for Bitcoin is the fact that historically, a June decline in its monthly returns has preceded a July rally, which has occurred in the last seven July trading periods, with the exception of 2014, 2016, 2019, and 2024, all of which saw gains of at least 8% and up to 24%, as CoinGlass the data shows.
It is also important to note that the pseudonymous cryptanalyst apsk32 It has recently been noted that the price of Bitcoin has been following a power law for over a decade, indicating a fundamental growth process within the Bitcoin network that is not typically seen in traditional financial markets.
In line with this behavior, the expert shared a long-term Bitcoin price forecast that sees the largest asset in the crypto industry by market capitalization reach $300,000 by the end of 2025 if the four-year cyclical bull market pattern continues, Finbold reported on July 1.
Ultimately, the price of Bitcoin could end up at the level predicted by the AI algorithm by the end of this month, especially with what experts agree on. However, cryptocurrency market trends can sometimes change unexpectedly, so doing your own research and understanding the risks are crucial when investing.
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