On-chain analytics firm Spot On Chain’s team of analysts, using Google Cloud’s Vertex artificial intelligence (AI), has conducted an in-depth analysis to forecast the future price of Bitcoin (BTC).
Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook.
Bitcoin Price Forecasts
According to Spot On Chain’s , Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.
This estrela bet:projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC pricesജ may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility o🅠f short-term fluctuations or corrections in the price.
Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.
This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated estrela bet:rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting.
These rate cuts ওaim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin.
Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory.
What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the estrela bet:Halving event.
Price Consolidation On The Horizon?
Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on keyestrela bet: resistance levels and thᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚe potential for a consolidation phase before an anticipated parabolic upside.
According to Retk Capital’s , Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level.
This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below.
Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range.
If Bitcoin experiences further do꧂wnward movement, the analyst that there is a possibility that it may approach this area once again. The analyst further notes:
Price dropping without context can be emotionally challenging. However, understanding that this downside is part of th♏e consolation within a technical range𒁃-bound structure that will precede Parabolic Upside makes this experience much more comforting.
As of this writing, BTC is tr🌳ading 💧at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days.
F🥂eatured image from Shutterstock, chart from TradingView.com