Based

Parabolic

Bitcoin

Spot

On-chain analytics firm Spot On Chain’s team of analysts, using Google Cloud’s Vertex artificial intelligence (AI), has conducted an in-depth analysis to forecast the future price of Bitcoin (BTC).&nbsp; 
Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook. 
<h2 id="bitcoin-price-forecasts">Bitcoin Price Forecasts</h2> 
According to Spot On Chain’s <a href="https://platform.spotonchain.ai/en/signal-details/bitcoin-price-prediction-analysis-post-halving-98177" target="_blank" rel="noopener nofollow">report</a>, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.&nbsp; 
This <a href="https://www.newsbtc.com/bitcoin-news/bitwise-cio-unveils-5-major-forecasts-for-bitcoin-2028-halving-anticipates-a-280-price-surge/" target="_blank" rel="noopener ">projected range </a>indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price. 
Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.&nbsp; 
This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated <a href="https://www.newsbtc.com/bitcoin-news/samson-mow-on-bitcoin-halving-brace-for-supply-shock-omega-candle-in-sight/" target="_blank" rel="noopener ">rate cuts </a>after the Federal Open Market Committee’s (FOMC) December 2023 meeting.&nbsp; 
These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin. 
Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory. 
What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the <a href="https://www.newsbtc.com/bitcoin-news/is-bitcoin-rally-over-leverage-drops-as-halving-highs-fade/" target="_blank" rel="noopener ">Halving event</a>.&nbsp; 
<h2 id="price-consolidation-on-the-horizon">Price Consolidation On The Horizon?</h2> 
Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-market-dynamics-still-positive-post-halving-bitfinex-analysis/" target="_blank" rel="noopener "> resistance levels</a> and the potential for a consolidation phase before an anticipated parabolic upside. 
According to Retk Capital’s <a href="https://x.com/rektcapital/status/1783489912999645450" target="_blank" rel="noopener nofollow">analysis</a>, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level.&nbsp; 
This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/0RAiFKZt/" alt="Bitcoin" width="1815" height="858"> 
Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-tipped-to-attain-six-figure-value-following-fourth-halving-details/" target="_blank" rel="noopener ">buyers </a>in that price range.&nbsp; 
If Bitcoin experiences further downward movement, the analyst <a href="https://x.com/rektcapital/status/1783527763552403514" target="_blank" rel="noopener nofollow">believes </a>that there is a possibility that it may approach this area once again. The analyst further notes: 
Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting. 
As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days. 
Featured image from Shutterstock, chart from TradingView.com

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