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Artificial Intelligence Predicts Bitcoin Price for July 31, 2024
Like Bitcoin (BTC) returns to the realm above $62,000, the flagship decentralized finance (DeFi) the asset still seems to be struggling to reclaim the $63,000 level, but some machine learning and artificial intelligence algorithms (Artificial intelligence) algorithms predict that it will achieve success by the end of July.
In fact, the price trend of Bitcoin has recently undergone a bearish a losing streak that continued for most of the month, only managing to recover briefly in the last few days, before dropping below the $63,000 level again in the last 24 hours.
Bitcoin Price Prediction
As for its performance in the coming weeks, the advanced artificial intelligence algorithms at work at cryptocurrency Monitoring and forecasting platform PricePredictions predicted that the value would turn positive and reach $63,261.23 on July 31, 2024, according to data from July 2.
Bitcoin Price Forecast 30 Days. Source: Price forecasts
This means that Bitcoin could advance by 0.88% from its current price, if these projections, which are based on technical analysis (TA) parameters such as the real mid range (ATR), Bollinger Bands (BB), and moving average convergence divergence (MACD), come true.
Bitcoin Price Analysis
For now the girl Encrypt The asset is trading at a price of $62,710, reflecting a 0.22% increase in the last 24 hours and a 2.65% growth in the previous seven days, accumulating a loss of 8.08% in the last month, according to the most recent charts.
Another bullish sign for Bitcoin is the fact that, historically, a June dip in monthly returns would precede a rally in July, as has been the case for the last seven July trading periods, with the exception of 2014, 2016, 2019, and 2024, recording gains of at least 8% and as much as 24%, as shown by data from CoinGlass.
It is also important to note that pseudonymous cryptocurrency analyst apsk32 recently noted that the price of Bitcoin has been adhering to a power law for over a decade, indicating a fundamental growth process in the Bitcoin network, something that is typically not present in traditional cryptocurrencies. financial markets.
In line with this behavior, the expert shared a long-term Bitcoin price forecast that sees the largest cryptocurrency asset by market cap hitting $300,000 by the end of 2025, if the four-year cyclical pattern of bull markets continues, as Finbold says. reported July 1st.
Ultimately, the price of Bitcoin at the end of this month could end up at the level predicted by the AI algorithm, especially as experts agree. However, trends in the cryptocurrency market sometimes it can change unexpectedly, so it is essential to do your research and understand the risks when invest.
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