AI predicts Bitcoin price for August 31, 2024
After a sharp increase to near $70,000 driven by the optimism surrounding former United States President and current presidential hopeful Donald Trump’s speech, Bitcoin (BTC) has retraced below $65,000, and artificial intelligence (AI) algorithms are predicting a bearish trend.
The drop coincided with news that the U.S. government had transferred around 30,000 BTC, valued at approximately $2.02 billion at the time, from cryptocurrency wallets related to the Department of Justice’s Silk Road seizures, according to Arkham Intelligence.
Interestingly, this transfer came after Trump expressed his willingness to commute Silk Road founder Ross Ulbricht’s sentence and expressed his desire to “keep 100% of all Bitcoin the U.S. government currently holds or acquires into the future” if re-elected, during his address at the Bitcoin 2024 conference over the weekend.
Bitcoin price prediction
In light of these developments, the advanced AI algorithm employed by crypto analytics platform PricePredictions is pessimistic about the future performance of Bitcoin, setting its price on August 31, 2024, at $61,782.51, according to data retrieved on August 1.
If this AI forecast, which considers technical analysis (TA) indicators such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and others, materializes, it would mean a 4.02% decline from the current Bitcoin price.
Bitcoin price analysis
Currently, the largest cryptocurrency by market capitalization is trading at $64,370, with a 2.36% drop in the past 24 hours, a modest gain of 0.54% in the previous seven days, and a cumulative increase of 3.02% on a monthly chart.
Meanwhile, crypto analyst CryptoCon has observed that Bitcoin bull markets historically coincide with gold bear markets, implying a potential significant shift as the last gold bear market top occurred in August 2020, as reported by Finbold on July 31.
It’s worth noting that crypto trading expert Ali Martinez recently highlighted that top traders on Binance, one of the world’s largest crypto exchanges, were buying the dip, with almost 70% of them taking long positions on BTC. This suggests widespread confidence in Bitcoin’s recovery, according to Martinez’s analysis shared on August 1.
Overall, while AI algorithms predict a further drop in Bitcoin price by the end of this month, experts remain optimistic about its long-term price advancements. Nevertheless, conducting thorough research, including analyzing BTC trends, chart patterns, and relevant events, is crucial for informed investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and capital is at risk.