Artificial Intelligence Interpreted Bitcoin Price: What is the Latest Situation Before the Halving?

Since the beginning of the last quarter of 2023 Bitcoin There has been no shortage of excitement around (BTC). However, the 7-day trading period that started on February 26 was quite eventful in many respects.

Fluctuating around $51,000 for several weeks, BTC suddenly skyrocketed, rising over $10,000 in just a few days to fall just $4,000 below its all-time high price on Monday, March 4.

This sudden and powerful rise cryptocurrency It supported the significant optimism that already existed in the market. But it has also caused many investors to worry about whether Bitcoin is heading for a major correction as profit-taking opportunities increase.

PricePredictions’ AI-driven machine learning prediction algorithms predict that Bitcoin bulls are in a stronger position than bears. BTC can stop the rapid rise observed in the last 5 days. However, the coin will continue its uptrend and has the potential to rise steadily to $69,825 by March 31, 2024.

artificial intelligence bitcoin price prediction

Even this slowing of growth would lead to BTC rising above its previous all-time high price around three weeks before the upcoming halving event – ​​an event that has historically caused Bitcoin to rise tenfold and sometimes hundredfold.

Bitcoin Technical Analysis

Bitcoin technical analysis (TA) provided by TradingView also paints a very positive picture when it comes to the world’s leading cryptocurrency. BTC’s daily, weekly, and monthly performance reveal similar results, with the coin maintaining a “strong buy” rating across the timeframes. According to the moving averages, BTC is also at a “strong buy” level, and oscillators are also rating it at a slightly lower “buy” level.

Looking at recent developments, Bitcoin is up 47.32% since January 1. In particular, the total increase becomes even more impressive when considering the short and strong decline immediately following the approval of nine spot BTC exchange-traded funds (ETFs).

As Koinfinans.com reported, one of the most exciting periods for Bitcoin began on February 26, with the cryptocurrency gaining as much as 27.19% in the 7 days leading up to Monday, March 4.

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