2024

Bank

Bitcoin

when

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 <p class="paragraph">After generating seemingly endless enthusiasm following its skyrocketing to a new all-time high near $73,000 in March and around the highly-anticipated halving event in April, Bitcoin (BTC) has fallen off somewhat.</p>
 <p class="paragraph">The world’s premier cryptocurrency has, in more recent weeks, been struggling with lackluster performance and a string of violent corrections that saw it, at times, plummet as low as $57,000.</p>
 <p class="paragraph">Though the most recent trading trends have been positive, as BTC is 3.18% in the green on the 24-hour chart and Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> today stands at $62,907, but a shadow casts large given its weekly and monthly shakiness.&nbsp;</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 aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/QiAxfCP1eYqdxJusdVK0A3-EJLGwwalgSBGIj3pf--G4rGwBoeexeLCRRq3yZbCJ2CmoZ61xlUUo5r_W6zUFmBjw4gjeYwVy4LmzTXz5T0NII-jfrebXBSh9IE2G7RnyGlTUpuwQgIJk2NC_KHUHSVk" alt>
  <figcaption class="wp-element-caption">
   BTC 7-day <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> chart. Source: Finbold
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 <p class="paragraph">Hoping to provide a modicum of clarity on whether Bitcoin is now set to surge toward previously predicted highs or if more bearish experts are correct and the current cycle has already topped, Finbold decided to consult the AI-driven machine <a rel="noopener noreferrer nofollow" title="learning" href="https://thebittimes.com/tag/learning.html">learning</a> <a rel="noopener noreferrer nofollow" title="algorithm" href="https://thebittimes.com/tag/algorithm.html">algorithm</a>s of a platform specializing in forecasting asset <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s – <em>PricePredictions</em>.</p>
 <h2 class="wp-block-heading" id="h-machine-learning-algorithms-forecast-a-gradual-uptrend">Machine learning algorithms forecast a gradual uptrend</h2>
 <p class="paragraph">As it turns out, the <a rel="noopener noreferrer nofollow" title="algorithm" href="https://thebittimes.com/tag/algorithm.html">algorithm</a>s of <em>PricePredictions </em>estimate that the cryptocurrency market – at least when it comes to Bitcoin – is at the end of its highly volatile phase.&nbsp;</p>
 <p class="paragraph">Indeed, the platform forecasts that BTC is set to enter a gradual uptrend that will see the coin hit $63,991.20 on May 31 – a slight rise of 1.725% over the course of two and a half weeks.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/-XLksZRKXcW3V3HcCutALemR29W2pvrVp7si3KaUfmp7b0GRYu4xo0530_hxsVEzrUg46z3_BB1MwP5UJCE5M7Ujdmua4F-P9lubQHnJmx0O2DqHpClct3Jd5V8X0V5XrS66fzhTMb2XbN_3dt84EIY" alt>
  <figcaption class="wp-element-caption">
   BTC machine learning algorithm prediction for May 31. Source: PricePredictions
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 <p class="paragraph">Though the algorithms see some deviations from the generally steady climb, it would appear they also estimate these will have little bearing on Bitcoin’s performance through the rest of May.</p>
 <h2 class="wp-block-heading" id="h-experts-agree-on-volatility-ahead">Experts agree on volatility ahead</h2>
 <p class="paragraph">While algorithms consider a rather uncharacteristic steady rise lies ahead, several crypto experts foresee significant swings – trouble even – on the horizon.</p>
 <p class="paragraph">In an analysis posted on X on May 12, Ali Martinez identified $64,290 as a price crucial for BTC to attain. According to the expert, should Bitcoin achieve this goal, it is likely it will experience a massive rally toward a new all-time high (ATH) of $76,610.</p>
 <p class="paragraph">On the flip side, should it fail to achieve the climb to $64,290, it is likely that the world’s premier cryptocurrency will quickly lose its footing and find it again only at approximately $51,970.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/UOth-B38pWJRD8DmgagmJq9CZrGNKa5_CEn54tJ0x47JrEDswgrncdT2vT9ipREsW5L1NnntcwzX5EaPnLpHTM2fag9hACJKAGhjI7V4jV6XGSshaSlJsxN-3uItJht0iXR4YW7oU4kXW5XmySgv_SU" alt>
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   BTC extreme deviation pricing bands chart. Source: @ali_charts
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 </figure>
 <p class="paragraph">Another prominent crypto expert, Michaël van de Poppe, advised caution as he believes that should Bitcoin again slip below $60,000, it would continue collapsing until it finds itself in the support zone between $52,000 and $55,000.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/NBk7tRf4R6HqBW0Twk_GjonxwU-2Ha3KOg69S9EQc_6arafZiT9Px5oEovvNHxDJPP0ZkF9ilMN-d-C0Dk-VHNWytUMh9qviayW3Q-C4J36WoG_IXqvIHC9e_7zCNMzQum8AdrQb8WSgAN1kHrQ_WJI" alt>
  <figcaption class="wp-element-caption">
   BTC price chart with critical support zones. Source: CryptoMichNL
  </figcaption>
 </figure>
 <p class="paragraph">It is, however, possibly worth noting that on April 30, van de Poppe estimated that Bitcoin would find its bottom within a week indicating that the then-discovered levels just under $57,000 constitute the lowest BTC will go for the time being.</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/machine-learning-algorithm-predicts-bitcoin-price-on-may-31-2024-tbt88170.html">https://thebittimes.com/machine-learning-algorithm-predicts-bitcoin-price-on-may-31-2024-tbt88170.html</a></p>

Machine learning algorithm predicts Bitcoin price on May 31, 2024

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