AI Forecast Bitcoin Price on July 1 2024

Bitcoin (
BTC
) is currently maintaining a relatively flat trend, lingering far below its previous all-time high (ATH) of $73,738 from March 14. During this time, machine and artificial intelligence (
AI
) algorithms have expressed a pessimistic outlook on Bitcoin price performance in the near future.

The recent price action of Bitcoin has been rather sluggish over the few weeks. After dropping to around $65,000 and consolidating at that level, it has only recently risen the $66,000 mark. This small upturn has triggered modest gains across the rest of the market.

According to advanced AI utilized by cryptocurrency analytics and forecasting platform PricePredictions and obtained by Finbold on June20th, Bitcoin is predicted to continue declining in the coming weeks. It is anticipated to drop to approximately $62,752.78 by July 1st, 2024.

Currently priced at $66,200 with a 1.26% gain over the last 24 hours but recording a of 227% over seven days and an overall decline of 6.95% during the past month—despite still showing growth of 53.91% since the beginning of this year—Bitcoin faces various analyses regarding its future market cycle.

Professional trader Ali Martinez suggests that if Bitcoin’s current market cycle emulates previous ones, we see another peak around December 2024 or October 2025.

Additionally, pseud crypto market analyst CryptoCon has put forth two scenarios for Bitcoin’s price at its cycle top using Fibonacci retracement from cycle bottom to peak—an estimated range between $106K or as high as $161K—indicating potential outcomes for Bitcoin’s future based on patterns.

Despite these forecasts predicting a lower start for next month compared to now—and affirming that this temporary decline is simply of its natural cycle—it remains speculative whether or not these predictions will hold true in reality.
Please note: The provided here should not be regarded as investment advice; any investment poses potential risks.