A recent analysis by Spot On Chain, a firm specializing in on-chain analytics, in collaboration with Google Cloud's Vertex AI, has delved into forecasting Bitcoin's future price movements. The comprehensive report offers insights into the short-, medium-, and long-term outlook for the leading cryptocurrency.

In the upcoming months of May, June, and July 2024, Bitcoin's price is anticipated to fluctuate within the range of $56,000 to $70,000, as outlined in Spot On Chain's report. The analysis assigns a 48% probability to the scenario where Bitcoin's value could drop below $60,000, emphasizing the potential market volatility and advising caution amidst possible short-term price fluctuations.

Spot On Chain's assessment points towards a notable shift in the latter part of 2024, with a compelling 63% likelihood of Bitcoin surging to $100,000. This mid-term projection reflects a prevailing bullish sentiment in the market, bolstered by expected rate cuts following the Federal Open Market Committee's meeting in December 2023, aimed at stimulating demand for assets like stocks and Bitcoin.

Looking ahead to the initial half of 2025, Spot On Chain's models suggest a strong chance of Bitcoin surpassing the $150,000 mark, with a 42% probability assigned to this optimistic scenario, indicating a bullish trajectory for Bitcoin's price.

Moreover, considering the entirety of 2025, the probability of Bitcoin exceeding $150,000 escalates to a remarkable 70%. Drawing insights from historical data and past cycles, it is noted that Bitcoin typically reaches new all-time highs around 6 to 12 months post the Halving event.

Potential Price Consolidation and Market Analysis

In addition to Spot On Chain's forecasts, crypto analyst Retk Capital has shared insights on Bitcoin's current price dynamics, highlighting key resistance levels and the likelihood of a consolidation phase preceding a potential upward surge. The analysis notes Bitcoin's repeated rejection from the $65,600 resistance level, hindering its upward momentum and potentially signaling a consolidation phase.

Furthermore, Retk Capital observes Bitcoin's trend of dipping towards the $60,600 price range, indicating consistent buyer interest at that level. The analyst suggests that if Bitcoin continues its downward trend, it may revisit this price zone. Emphasizing the importance of understanding market movements within a technical framework, the analyst suggests that the current downside is part of a consolidation phase preceding a potential significant price increase.

As of the latest update, Bitcoin is trading at $63,900, showing a decline of nearly 8% over the past two weeks and the same percentage over the last 30 days.