Using Google Cloud's Vertex artificial intelligence (AI), the analyst team of on-chain analytics company Spot On Chain conducted an in-depth analysis to predict the future price of Bitcoin (BTC).
Their latest report provides valuable insights into the outlook for the leading cryptocurrency in the short, medium and long term.
Bitcoin price forecast
According to Spot on Chain a reportBitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.
this Expected range It indicates the potential for market volatility, with a 48% probability of a scenario in which Bitcoin prices may fall below $60,000. Moreover, RThe report advises a cautious approach, while recognizing the possibility of short-term fluctuations or corrections in the price.
Spot On Chain analysis reveals a big move in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.
This medium-term outlook reflects the prevailing bullish sentiment in the market, which is fueled by expectations Interest rate cuts After the December 2023 Federal Open Market Committee (FOMC) meeting.
These interest rate cuts aim to lower the federal funds rate to 4.6%, and are expected to boost demand for higher-risk assets such as stocks and Bitcoin.
Looking at the first half of 2025, Spot On Chain models indicate a strong possibility that Bitcoin will cross the $150,000 threshold. Specifically, a probability of 42% is assigned to this scenario, indicating a bullish outlook for Bitcoin's price path.
Furthermore, looking at the entire year of 2025, the probability of Bitcoin surpassing $150,000 rises to a staggering 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high about 6 to 12 months after the crisis. Half happened.
Price consolidation on the horizon?
Cryptocurrency analyst Retk Capital also provided insights into Bitcoin's current price action, highlighting the key Resistance levels The possibility of a consolidation phase occurring before the expected upward trend.
According to Ritek Capital analysisBitcoin was consistently rejected from the $65,600 resistance level, and failed to reclaim it as a support level.
This resistance area has significantly hindered Bitcoin's upward movement in recent days, as seen in the cryptocurrency's BTC/USD daily chart below.
Retk Capital also highlights that Bitcoin saw bearish wicks at a liquidity pool of around $60,600. This occurrence has been observed over several weeks, indicating the presence of… Buyers In this price range.
If Bitcoin experiences further downward movement, the analyst… Believes There is a possibility that it will approach this area again. The analyst further notes:
Dropping prices without context can be emotionally difficult. However, understanding that this downside is part of the solace within the scoped artistic structure that will precede Parabolic Upside, makes this experience all the more comforting.
As of this writing, Bitcoin is trading at $63,900, down about 8% over the past two weeks and up by the same amount over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
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