2024

Bitcoin

April

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 <p class="paragraph">The cryptocurrency market currently presents a confusing scenario for investors.&nbsp;</p>
 <p class="paragraph">Bitcoin (BTC) has once again attracted attention this week, showing notable <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> changes amid a global economic shift and cryptocurrency-related developments.</p>
 <p class="paragraph">As of April 18, Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> today hovers at $61,080, down by approximately 13.85% over the past week and losing over $180 billion from its market cap.</p>
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 <p class="paragraph">Furthermore, the cryptocurrency has experienced a decline of 3.49% in the last 24 hours. This recent downturn has pushed the market capitalization of BTC to $1.293 trillion.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="660" height="537" src="https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp" alt class="wp-image-169863" srcset="https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp 660w, https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp 300w" sizes="(max-width: 660px) 100vw, 660px">
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   Bitcoin 7-day price chart. Source: <em>Finbold</em>
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 <h2 class="wp-block-heading" id="h-key-btc-levels-to-watch">Key BTC levels to Watch</h2>
 <p class="paragraph">The current Bitcoin trading situation represents a critical point, as the cryptocurrency challenges key support and resistance levels. The immediate support level is identified at $58,072, closely followed by a more optimistic resistance level at $64,499.&nbsp;</p>
 <p class="paragraph">According to <a rel="noopener noreferrer nofollow" title="predict" href="https://thebittimes.com/tag/predict.html">predict</a>ions from artificial intelligence (AI) machine algorithm models, BTC is expected to see a bearish trend in the long term, suggesting a projected decrease of minor 1.7%, with a target <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $60,044 by May 1.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="500" src="https://cdn.thebittimes.com/images/2024/04/18/0cd7ce7284bc38da70609665a602310e.webp" alt class="wp-image-169864" srcset="https://cdn.thebittimes.com/images/2024/04/18/0cd7ce7284bc38da70609665a602310e.webp 1024w, https://cdn.thebittimes.com/images/2024/04/18/0cd7ce7284bc38da70609665a602310e.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/0cd7ce7284bc38da70609665a602310e.webp 768w, https://cdn.thebittimes.com/images/2024/04/18/0cd7ce7284bc38da70609665a602310e.webp 1536w, https://cdn.thebittimes.com/images/2024/04/18/0cd7ce7284bc38da70609665a602310e.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC Prediction, May 1, 2024. Source: <em>PricePredictions</em>
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 <p class="paragraph">However, in the short term, machine learning algorithms detect a bullish trend, indicating a potential slight increase in the next few hours.</p>
 <p class="paragraph">The algorithms that deploy technical analysis (TA) indicators like relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), and others.</p>
 <p class="paragraph">Beside AI predictions, crypto expert <em>Ali Martinez</em> thinks that key support levels will determine BTC’s direction. If Bitcoin falls below $62,300, the&nbsp; analyst suggests it could drop to $56,200. Conversely, a rise above $62,300 could signal a potential upswing to $66,500.</p>
 <p class="paragraph">Meanwhile, cryptocurrency analyst <em>CryptoCon</em> proposed on April 17 that the ongoing correction is an essential measure aimed at achieving long-term price stability.</p>
 <h2 class="wp-block-heading" id="h-the-impact-of-external-factors-on-bitcoin">The impact of external factors on Bitcoin</h2>
 <p class="paragraph">A strengthening dollar, encouraged by the Federal Reserve’s decision to hold off on interest rate cuts, is suppressing the bullish outlook for BTC.&nbsp;</p>
 <p class="paragraph">Investors are anticipating future high rates, which makes holding onto dollar-denominated assets more appealing. This presents a challenge for Bitcoin as it approaches its April 19 or 20 halving event.</p>
 <p class="paragraph">Both the halving and the dollar’s strength are likely to be key factors influencing Bitcoin’s future price movements. Historically, Bitcoin has benefited from a weak dollar, with its price rising as the dollar falls.&nbsp;</p>
 <p class="paragraph">However, the upcoming halving event makes it difficult to predict Bitcoin’s future direction.</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-may-1-2024-tbt85680.html">https://thebittimes.com/ai-predicts-bitcoin-price-for-may-1-2024-tbt85680.html</a></p>

AI predicts Bitcoin price for May 1, 2024

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