Artificial intelligence determined the price of Bitcoin on July 1, 2024

As Bitcoin (BTC) continues on an unattractive trajectory well below its all-time high (ATH) of $73,738 on March 14 this year, machine learning and artificial intelligence (AI) algorithms have been tasked with determining the future price of the major cryptocurrency.

Over the past few weeks, Bitcoin's price movement has slowed significantly, and the cryptocurrency itself has fallen below $64,000, where it is now consolidating.

Bitcoin price forecast As for future indicators, according to the AI ​​analysis and forecasting platform PricePredictions, the following weeks will also be characterized by a decrease in the price of BTC, and by July 1, 2024 its price will fall to $62,752.78.

Bitcoin price forecast for 30 days. Source: PricePredictions

In other words, the main cryptocurrency could fall another 5% or more from the current price. In their calculations, the algorithms used technical analysis (TA) parameters such as relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR) and other indicators.

Professional crypto trader Ali Martinez noted that if the current Bitcoin market cycle matches the previous three, then the top of the cycle “could actually come around December 2024 or October 2025.”

Bitcoin price dynamics since the cycle low. Source: Ali Martinez

Another crypto market analyst under the pseudonym CryptoCon, on the contrary, believes that this year the price of Bitcoin will increase significantly: in the first case to $106,000, in the second – to $161,000. To make a forecast, the expert used the Fibonacci correction from the bottom of the cycle to the top of the first movement.