In a detailed study conducted by Spot On Chain, a team of analysts utilized Google Cloud's Vertex artificial intelligence (AI) to predict Bitcoin's future price movements. The latest analysis offers valuable perspectives on the short-, medium-, and long-term prospects of the leading cryptocurrency.

Bitcoin Price Predictions

Spot On Chain's report forecasts Bitcoin's price to range between $56,000 and $70,000 throughout May, June, and July 2024. This range suggests potential market volatility, with a 48% likelihood of BTC prices dipping below $60,000. The report advises caution, recognizing the potential for short-term price fluctuations or corrections.

The analysis by Spot On Chain indicates a notable shift in the latter part of 2024, with a strong 63% chance of Bitcoin hitting $100,000. This mid-term projection reflects a prevailing optimistic sentiment in the market, driven by anticipated rate cuts following the Federal Open Market Committee's (FOMC) December 2023 meeting. These rate cuts are aimed at reducing the federal funds rate to 4.6% and are anticipated to increase demand for risk-on assets like stocks and Bitcoin.

Looking forward to the first half of 2025, Spot On Chain's models suggest a high likelihood of Bitcoin surpassing the $150,000 mark, with a 42% probability assigned to this scenario, indicating a positive outlook for Bitcoin's price trajectory. Moreover, for the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises significantly to 70%, drawing on historical data and patterns from previous cycles.

Potential Price Consolidation Ahead

Crypto analyst Retk Capital has shared insights on Bitcoin's current price dynamics, highlighting key resistance levels and the potential for a consolidation phase before a potential upward surge. According to Retk Capital's analysis, Bitcoin has faced consistent rejection at the $65,600 resistance level, struggling to reclaim it as a support level. This resistance zone has hindered Bitcoin's upward momentum in recent times.

Retk Capital also notes Bitcoin's trend of experiencing downward wicks towards a liquidity pool around $60,600 over several weeks, indicating buyer interest in that price range. Should Bitcoin see further downward movement, the analyst suggests a possible revisit to this area. The analyst emphasizes the importance of understanding market context, stating that temporary price declines are part of a consolidation phase within a technical range-bound structure that typically precedes significant upward movements.

As of the latest data, 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.