2024

Bitcoin

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 <p class="paragraph">After Bitcoin (BTC) opened the week on a greener note, its price ranging around $67,000 and pulling the rest of the cryptocurrency market up with it, artificial intelligence (AI) algorithms envision more bullishness and further advances for the maiden crypto asset in the next few months.</p>
 <p class="paragraph">Indeed, Bitcoin has solidified its position above the key support level of $66,000 and then surpassed the next important step at $67,000, triggering confidence and optimism not just in the crypto industry but also from advanced AI forecasting algorithms.</p>
 <h2 class="wp-block-heading" id="h-btc-price-prediction">BTC price prediction</h2>
 <p class="paragraph">Specifically, one of these AI algorithms, which draws on historical BTC trends, technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) indicators, chart patterns, and relevant developments, has projected that Bitcoin could hit the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of <strong>$97,264 </strong>by August 1, 2024, suggesting an increase of&nbsp;44.89% from its current values.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="352" src="https://cdn.thebittimes.com/images/2024/05/20/86173dabf7741ea7276470657a90c2da.webp" alt="3-month BTC price prediction. Source: CoinCodex" class="wp-image-177122" srcset="https://cdn.thebittimes.com/images/2024/05/20/86173dabf7741ea7276470657a90c2da.webp 1024w, https://cdn.thebittimes.com/images/2024/05/20/86173dabf7741ea7276470657a90c2da.webp 300w, https://cdn.thebittimes.com/images/2024/05/20/86173dabf7741ea7276470657a90c2da.webp 768w, https://cdn.thebittimes.com/images/2024/05/20/86173dabf7741ea7276470657a90c2da.webp 1447w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>3-month BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> prediction. Source: CoinCodex</em>
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 <p class="paragraph">Elsewhere, the latest iteration of the OpenAI invention ChatGPT, called GPT-4o, has offered the Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> prediction for August 1, 2024, with targets <strong>between $76,348.50 and $89,108.83</strong>, “considering the ongoing market factors and historical trends.”</p>
 <p class="paragraph">In the meantime, the recent Anthropic AI model, Claude 3 Opus, is even more optimistic, having provided an estimate for Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> that suggests it will be trading between <strong>$105,072 and $167,808</strong> by August 2024, taking into account Bitcoin post-halving sentiment, exchange-traded funds (ETFs), and more.</p>
 <p class="paragraph">As it explained:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The approval of spot Bitcoin ETFs in early 2024 has led to significant inflows, with BlackRock’s ETF alone accumulating over 16,000 BTC within days of launch. Continued institutional adoption could drive prices higher.”</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-btc-price-analysis">BTC price analysis</h2>
 <p class="paragraph">For now, Bitcoin is changing hands at $67,130, which indicates a&nbsp;0.11% decline in the last 24 hours,&nbsp;but nonetheless an increase of 6.88% across the previous seven days and an accumulated gain of 4.93% over the past month, according to the most recent charts on May 20.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="750" height="640" src="https://cdn.thebittimes.com/images/2024/05/20/52f9899b7ad30de31a0dcb74ff7a973b.webp" alt="Bitcoin price 7-day chart. Source: Finbold" class="wp-image-177121" srcset="https://cdn.thebittimes.com/images/2024/05/20/52f9899b7ad30de31a0dcb74ff7a973b.webp 750w, https://cdn.thebittimes.com/images/2024/05/20/52f9899b7ad30de31a0dcb74ff7a973b.webp 300w" sizes="(max-width: 750px) 100vw, 750px">
  <figcaption class="wp-element-caption"><em>Bitcoin price 7-day chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">Meanwhile, renowned crypto trading expert Ali Martinez has observed that traders have transacted over 530,000 BTC at the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $66,250, making it a crucial support level, which, if holds, could send Bitcoin sky high, as he explained in an X post on May 20.</p>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="493" src="https://cdn.thebittimes.com/images/2024/05/20/8870f4ae10f0493bb71e4baa737776cf.webp" alt="Bitcoin UTXO realized price distribution. Source: Ali Martinez" class="wp-image-177123" srcset="https://cdn.thebittimes.com/images/2024/05/20/8870f4ae10f0493bb71e4baa737776cf.webp 800w, https://cdn.thebittimes.com/images/2024/05/20/8870f4ae10f0493bb71e4baa737776cf.webp 300w, https://cdn.thebittimes.com/images/2024/05/20/8870f4ae10f0493bb71e4baa737776cf.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
  <figcaption class="wp-element-caption"><em>Bitcoin UTXO realized price distribution. Source: </em><em>Ali Martinez</em>
  </figcaption>
 </figure>
 <p class="paragraph">Earlier, pseudonymous expert <em>TradingShot </em>shared insights according to which Bitcoin could reach a whopping $100,000 sometime after July, based on the analysis of Bitcoin’s TA indicators and prevailing bullish sentiment following a significant correction in early May, as Finbold reported on May 18.</p>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="289" src="https://cdn.thebittimes.com/images/2024/05/20/1962f44dc4fbbc601b43e7f5b86acec9.webp" alt="Bitcoin price action analysis and prediction. Source: TradingShot" class="wp-image-177124" srcset="https://cdn.thebittimes.com/images/2024/05/20/1962f44dc4fbbc601b43e7f5b86acec9.webp 800w, https://cdn.thebittimes.com/images/2024/05/20/1962f44dc4fbbc601b43e7f5b86acec9.webp 300w, https://cdn.thebittimes.com/images/2024/05/20/1962f44dc4fbbc601b43e7f5b86acec9.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
  <figcaption class="wp-element-caption"><em>Bitcoin price action analysis and prediction. Source: </em><em>TradingShot</em>
  </figcaption>
 </figure>
 <p class="paragraph">All things considered, Bitcoin might, indeed, follow the path set by some of the popular AI platforms, especially if the market retains positive sentiment around the flagship decentralized finance (DeFi) asset, but doing one’s own research is highly important as things in this sector can change overnight.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ai-predicts-bitcoin-price-for-august-1-2024-tbt88958.html">https://thebittimes.com/ai-predicts-bitcoin-price-for-august-1-2024-tbt88958.html</a></p>

AI predicts Bitcoin price for August 1, 2024

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