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Cryptocurrency News Articles
Spot On Chain Delivers In-Depth Bitcoin Price Forecast Using Google Cloud's AI
Apr 27, 2024 at 01:30 am
Spot On Chain, an on-chain analytics firm, has released a report predicting Bitcoin's future price trends using Google Cloud's Vertex AI. The report predicts Bitcoin's price may oscillate between $56,000 and $70,000 in May-July 2024, with a 48% chance of dipping below $60,000. However, the report suggests a potential spike in Bitcoin's price in the second half of 2024, with a 63% probability of reaching $100,000 due to anticipated rate reductions. In the first half of 2025, the report predicts a 42% chance of Bitcoin crossing $150,000, and a 70% chance for the entire year, aligning with historical patterns after Halving events.
Spot On Chain's Comprehensive Bitcoin Price Forecast: A Data-Driven Analysis Using Google Cloud's Vertex AI
Introduction
Spot On Chain, a renowned on-chain analytics firm, has embarked on a comprehensive study of Bitcoin's future price trajectory, employing the advanced capabilities of Google Cloud's Vertex artificial intelligence platform. The resulting report provides a detailed and well-grounded projection of Bitcoin's price movements in the short-, medium-, and long-term horizons.
Short-Term Outlook: May-July 2024
Spot On Chain's analysis predicts that Bitcoin will likely oscillate within a range of $56,000 and $70,000 during the three-month period from May to July 2024. This range suggests the potential for significant market volatility, with a 48% probability that Bitcoin could dip below $60,000. Investors are advised to remain cautious while considering short-term price fluctuations and potential corrections.
Medium-Term Outlook: Second Half of 2024
A notable revelation in the report is Spot On Chain's expectation of a substantial surge in Bitcoin's price during the second half of 2024. The analysis assigns a high probability (63%) that Bitcoin could reach the $100,000 mark, reflecting a prevailing bullish sentiment in the market. This optimism is fueled by the anticipation of rate reductions following the Federal Open Market Committee (FOMC) meeting in December 2023, which aims to stimulate demand for risk-on assets such as stocks and Bitcoin.
Long-Term Outlook: 2025 and Beyond
Extending the forecast horizon to the first half of 2025, Spot On Chain's mathematical modeling indicates a strong likelihood (42%) that Bitcoin will surpass the significant threshold of $150,000. This projection is supported by historical data and patterns observed in previous cycles, which suggest that Bitcoin tends to establish new all-time highs within 6 to 12 months after a Halving event.
In the broader context of 2025, the probability of Bitcoin exceeding $150,000 rises to 70%. This optimistic forecast is predicated on the belief that Bitcoin will continue its historical trend of achieving sustained price appreciation over time.
Additional Insights from Retk Capital
Complementing Spot On Chain's analysis, prominent crypto analyst Retk Capital provides valuable insights into Bitcoin's current price action. Retk Capital identifies critical resistance levels and suggests the possibility of a consolidation phase prior to an anticipated parabolic rise.
Notably, Retk Capital observes that Bitcoin has encountered difficulty breaching the $65,600 resistance level, repeatedly failing to establish it as a support level. This resistance level has emerged as a significant obstacle to Bitcoin's upward movement in recent times, as evidenced in the Bitcoin daily BTC/USD chart.
Concurrently, Bitcoin has consistently touched a pool of liquidity around $60,600, indicating the presence of potential buyers at this price level. Should Bitcoin continue its downward trend, Retk Capital suggests that it could revisit this liquidity pool again.
Current Market Situation
As of the present moment, Bitcoin is trading at approximately $63,900, reflecting an approximate 8% decline over the past two weeks and a comparable decline over the past month.
Conclusion
Spot On Chain's comprehensive Bitcoin price forecast, powered by Google Cloud's Vertex AI, provides a well-grounded and informative perspective on Bitcoin's potential future trajectory. While the short-term outlook suggests the possibility of market volatility, the medium- and long-term forecasts paint a more optimistic picture, predicting substantial price appreciation. Investors are encouraged to consider these projections in the context of their own investment strategies and risk tolerance.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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