Machine learning algorithm accurately forecasts Bitcoin price on June 30, 2024
Bitcoin (BTC) has been experiencing some setbacks recently, but the future looks promising for the flagship decentralized finance (DeFi) asset. Machine learning and artificial intelligence (AI) algorithms are predicting advancements for the popular cryptocurrency in the near future.
While Bitcoin has been trading below the $70,000 level for the majority of the time, recent movements indicate signs of recovery. The largest crypto asset by market capitalization is moving closer to retaking this critical psychological level.
According to advanced algorithms deployed by the crypto analytics and forecasting platform PricePredictions, Bitcoin could surpass this important price mark and continue to grow further. It is predicted to potentially reach $75,245.53 by June 30, 2024.
In other words, Bitcoin could see a 9.02% increase from its current price if the algorithm’s prediction, which relies on technical analysis (TA) indicators like the relative strength index (RSI), Bollinger Bands (BB), moving average convergence divergence (MACD), and others, comes true.
Currently, Bitcoin is trading at $69,020, suggesting a 2.38% increase for the day, a 0.70% gain over the past week, a 9.26% growth in the last month, and a 60.51% advancement since the beginning of the year.
Crypto trading expert Ali Martinez notes that Bitcoin is hovering around the +0.5σ pricing band at $66,800. If it can hold above this level, it is likely to rise and test the 1.0σ pricing band at $79,600.
Pseudonymous crypto analyst Rekt Capital believes that Bitcoin has room for a breakout if it clears the key price levels of $70,000 and $71,600, which have been significant barriers in previous rally attempts.
Overall, the predictions for Bitcoin in 2024 are optimistic based on the projections from machine algorithms and crypto analysts. However, trends in the crypto world can change rapidly, so it is important to conduct thorough research when investing large sums of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and there is a risk of capital loss when investing.