The team of analysts from on-chain analytics company Spot On Chain has conducted an in-depth analysis to predict the future price of Bitcoin (BTC) using Google Cloud’s Vertex artificial intelligence (AI).
Their latest report provides valuable insights into the short-, medium- and long-term prospects of the leading cryptocurrency.
Bitcoin price predictions
Spot On Chain reports this reportBitcoin prices are expected to range between $56,000 and $70,000 in May, June, and July 2024.
This projected range indicates the potential for market volatility, assigning a 48% probability to the scenario in which BTC prices could fall below $60,000. Moreover, tThe report recommends a cautious approach, recognizing the possibility of short-term fluctuations or corrections in price.
Spot On Chain’s analysis reveals significant movement in the second half of 2024, with a compelling 63% probability that Bitcoin will reach $100,000.
This medium-term projection reflects a prevailing bullish sentiment in the market, which is further fueled by expected developments interest rate cuts following the December 2023 meeting of the Federal Open Market Committee (FOMC).
These rate cuts are intended to lower the federal funds rate to 4.6% and are expected to boost demand for risky assets such as stocks and Bitcoin.
Looking ahead to the first half of 2025, Spot On Chain’s models indicate a high probability that Bitcoin will cross the $150,000 threshold. Specifically, this scenario is assigned a probability of 42%, indicating a bullish outlook for Bitcoin’s price trajectory.
Furthermore, looking at the entire year 2025, the odds of Bitcoin surpassing $150,000 rise to an eye-watering 70%. Based on historical data and patterns in previous cycles, Bitcoin hit a new all-time high about 6 to 12 months into the market. Halving event.
Price consolidation on the horizon?
Crypto analyst Retk Capital has also provided insight into the current Bitcoin price action and shed light on the key resistance levels and the potential for a consolidation phase before an expected parabolic upside.
Retk Capital reports this analysisBitcoin has been consistently rejected from the $65,600 resistance level but failed to regain it as a support level.
This resistance zone has significantly hindered Bitcoin’s upward movement in recent days, as seen on the daily BTC/USD chart below.
Retk Capital further highlights that Bitcoin has witnessed downward swings in a liquidity pool of around $60,600. This occurrence has been observed over several weeks, indicating the presence of buyers in that price range.
If Bitcoin experiences further downward movement, the analyst says believes that there is a possibility that she will approach this area again. The analyst further notes:
Price drops without context can be an emotional challenge. However, realizing that this disadvantage is part of the comfort within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting.
At the time of writing, BTC is trading at $63,900, down almost 8% in the past two weeks and the same percentage in the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
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