Most of the cryptocurrency market continues to trade in the red. Leading crypto Bitcoin is struggling to avoid losing the critical $60,000. Altcoins also witnessed sharp declines overall. As we start a new month, it is uncertain how long this negative atmosphere will continue. To give an idea, we looked at artificial intelligence’s May 31 predictions for BTC and XRP Coin.
Artificial intelligence predicts Bitcoin price for May 31
cryptokoin.comAs you follow from, the first spot Bitcoin ETFs in Hong Kong did not live up to expectations. After this, the Bitcoin price dropped to around $60,000. Moreover, artificial intelligence algorithms are also pessimistic for the coming month. AI doesn’t predict Bitcoin’s troubles will end in the next few weeks. Crypto analysis and prediction platform PricePredictions predicts BTC will fall to $53,476.60 by May 31, 2024. This means Bitcoin will drop another 11.51% at its current price.
Bitcoin price analysis
At the same time, crypto experts such as Ali Martinez and Michaël van de Poppe see a bright future for Bitcoin. Martinez observed that “the bull run consolidated over a long period of time around the last two halving events (189 days in 2016 and 87 days in 2020) before starting again.” Bitcoin has consolidated for 60 days so far.
Meanwhile, Michaël van de Poppe highlighted several arguments for a potential bottom in Bitcoin, including the upcoming Federal Open Market Committee (FOMC) meeting, the unemployment data report, and the trial of Binance CEO Changpeng Zhao. However, the analyst said a recovery would follow.
Artificial intelligence predicts XRP Coin price for May 31
XRP Coin is no exception from the deep losses in the crypto market. Artificial intelligence algorithms predict that XR Coin’s problems will not end until the end of May. PricePredictions predicts that the XRP Coin price will drop to $0.479024 by May 31. This means a loss of 3.27% compared to XRP’s price at the time of writing.
XRP Coin price analysis
Currently, XRP Coin is trading at $0.49522. This indicates a decline of 3.41% on the daily chart. Additionally, the altcoin lost 10.16% over the past week. Furthermore, it experienced a more significant decline of 20.43% last month. Meanwhile, an analyst with the pseudonym Dark Defender recently noted that XRP is “on the verge of a big bounce” to $1.88 considering its previous behavior, but did not rule out the chance of breaking lower if it falls further towards the major support level at $0.4623.
The analyst previously said that XRP exhibited a trading pattern reminiscent of its behavior between 2013 and 2017, which was preceded by a significant uptrend in the value of XRP. He also suggested it could potentially reach a market cap of $50 billion in May.
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