Machine learning algorithm predicts Bitcoin’s price for August 31
The post Machine learning algorithm predicts Bitcoin’s price for August 31 appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has failed to break past the $60,000 resistance zone, with the maiden cryptocurrency consolidating below this level. A break above the $60,000 resistance is a significant catalyst likely to propel Bitcoin to a new all-time high. Amid the current price movement, Bitcoin has witnessed increased whale activity as investors anticipate a possible breakout. For instance, crypto analyst Ali Martinez shared data in an X post on August 19, revealing that Bitcoin whales have recently realized over $92.7 million in profits. According to the latest data from CryptoQuant, a surge in profit-taking activity occurred between late July and mid-August. Bitcoin whales realized profits. Source: CryptoQuant Notably, there was a spike on August 9, coinciding with a period when Bitcoin was recovering after a flash crash below the $50,000 mark. Bitcoin price prediction Amid this increased whale activity and consolidation, attention is focused on how Bitcoin will trade in the coming days. Notably, considering that Bitcoin closed in red in July, there is a focus on how the cryptocurrency will end in August. In this regard, the advanced artificial intelligence (AI) and machine learning algorithms deployed by the crypto market forecasting platform PricePredictions suggest that Bitcoin will likely see a correction phase in the coming days. According to data retrieved on August 19, the platform projects that Bitcoin will likely trade at $52,776 on August 31. This value reflects a drop of almost 10% in Bitcoin’s price. Bitcoin price prediction for August 31. Source: PricePredictions In forming these predictions, the platform leverages factors in technical analysis (TA) indicators like moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others. Bitcoin price analysis It’s worth noting that the prediction aligns with the majority of market analysts who believe Bitcoin is likely to undergo consolidation in the short…
Filed under: News - @ August 19, 2024 9:23 am