Artificial intelligence predicts the value of bitcoin on August 31

According to artificial intelligence forecasts, the price of the flagship cryptocurrency will reach $ 61,782 by August 31, 2024.

The recent decline of BTC $96,352.70 Bitcoin -1.17% Market capitalization $1.91 trillion VOL. 24 hours $2.81 billion began after the US government transferred nearly 30,000 BTC from wallets associated with the Silk Road seizure. The move comes on the heels of Trump’s announcement that he intends to keep all bitcoins currently held by the government if he is re-elected.

Artificial intelligence on the PricePredictions platform, using technical analysis and indicators such as ATR, Bollinger Bands, and MACD, predicted a 4.02% drop in the price of BTC from the current level.

The CryptoCon crypto analyst noted that Bitcoin bull markets have historically started with a downturn in the gold market. The last bear market for gold was in August 2020, which may indicate the beginning of a new cycle for BTC.

Crypto trading expert Ali Martinez pointed out that top traders on Binance are actively buying on downturns, and about 70% of them are betting on BTC’s growth. This indicates a high level of confidence in the further recovery of the bitcoin price. Although AI forecasts point to a possible further decline, experts remain optimistic about the long-term prospects of the Cryptocurrency.

As a reminder, on Thursday, August 1, the leading cryptocurrencies experienced significant fluctuations due to the publication of financial results of the leading cryptocurrency companies. Bitcoin initially dropped below $ 63,000 but recovered to $ 64,000 by the end of the day, while Ethereum and Dogecoin fell by 0.85% and 3.24%, respectively.