Artificial intelligence determined the price of bitcoin as of Aug. 1
After bitcoin (BTC) recovered sharply - its price rose from $55,000 to $65,000 - the price outlook for the major cryptocurrency looks quite positive.
According to advanced artificial intelligence algorithms on the PricePredictions platform, bitcoin will continue to increase its price by August 1, 2024, eventually reaching $68,953.45 (almost $69,000).
If this prediction, based on the interplay of various technical indicators such as Bollinger Bands (BB), Moving Average Convergence and Divergence (MACD), Average True Range (ATR), etc., turns out to be correct, it will lead to a 6.16% increase in bitcoin's price relative to current values.
Renowned cryptocurrency trading expert Michael van de Poppe recently noted that bitcoin is “consolidating nicely over a four-month range” and is “very likely to continue rising” as long as it holds above $60,000.
He also noted that bitcoin's NVT ratio, an important indicator of the major cryptocurrency, has reached “its lowest negative value in 2.5 years,” accordingly, the correction is over.