Bitcoin Price Predicted to Oscillate Between $56,000 and $70,000 in Near Term: Spot on Chain Report Using Google Cloud AI

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In the latest endeavor of Spot On Chain, an on-chain analytics firm, a thorough prognosis of Bitcoin’s future price trends has been carried out, leveraging the power of Google Cloud’s Vertex artificial intelligence. The outcome, a comprehensively illustrated report, elucidates the potential trajectory of Bitcoin prices in the short-, medium-, and long-term future.

The report from Spot On Chain offers a fascinating glimpse into the future, predicting that Bitcoin may oscillate between $56,000 and $70,000 through the three-month period of May, June, and July 2024. As this range is projected, it alerts investors to the possibility of considerable market turbulence, attaching a 48% likelihood to Bitcoin prices dipping below $60,000. The report, cognizant of the potential for short-term price fluctuations and corrections, thus promotes a cautious investment approach.

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In a fascinating revelation, Spot On Chain expects a considerable spike in Bitcoin’s price movement during the second half of 2024. The analysis places a compelling 63% probability that Bitcoin could reach $100,000, testifying to the pervasive bullish market sentiment. The anticipation of rate reductions following the Federal Open Market Committee’s (FOMC) meeting in December 2023 kindles this optimism. These cuts, poised to bring the federal funds rate down to 4.6%, aim to stimulate interest in risk-on assets like stocks and Bitcoin.

As we turn our gaze further towards the first half of 2025, Spot On Chain’s mathematical modeling points to a strong likelihood of Bitcoin crossing the remarkable threshold of $150,000. This scenario is backed by a 42% probability, reflecting an upbeat outlook for Bitcoin’s future value.

Expanding the forecast horizon to encompass the entirety of 2025, the probability of Bitcoin surpassing $150,000 rises dramatically to 70%. Rooted in historical data and patterns observed in past cycles, this projection notes that Bitcoin typically achieves a new all-time high within 6 to 12 months after a Halving event.

Crypto analyst Retk Capital offers further insight into Bitcoin’s current price action, elucidating critical resistance levels and suggesting a potential consolidation phase preceding an anticipated parabolic rise. Notably, Retk Capital observes that Bitcoin has struggled to breach the resistance level of $65,600, repeatedly failing to establish it as a support level.

According to Retk Capital, it’s this resistance level that has emerged as a significant obstacle, obstructing Bitcoin’s upward movement recently, as depicted in the Bitcoin daily BTC/USD chart. Concurrently, Bitcoin has repeatedly touched a pool of liquidity at around $60,600, an event that repeats over several weeks and suggests the presence of eager buyers at this price level.

The analyst opines that should Bitcoin continue its downward trend, chances are high that it will hit this liquidity pool again. He remarks that while price drops might cause emotional distress, understanding their fit within a range-bound technical structure precluding a Parabolic Upside should offer comfort.

As it stands presently, Bitcoin is exchanging hands at $63,900, marking a nearly 8% drop over the past fortnight, and a similar overall decline over the past month.