At press time, Bitcoin (BTC) was changing hands for $84,250 with the price of BTC increasing by 3.37% over the past 24 hours bringing year-to-date (YTD) losses down to 9.90%.
However, contextualizing the recent Bitcoin price increase is crucial.
The cryptocurrency market shed $100 billion in value over the weekend, after having lost $100 billion on March 27. Macroeconomic concerns and worries surrounding the impact of tariffs dominate the narrative at present.
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Following a surge in BTC’s short ratio, long positions have once again recovered, per data retrieved by Finbold from CoinGlass — but a closer look at the chart above reveals a worrying decline in volume accompanying moves to the upside, signaling that the bulls will have a tough time ahead.
In the midst of these mixed conditions, we’ve decided to consult Finbold’s AI price prediction tool for an additional layer of insight.
AI models forecast range-bound Bitcoin price action for the remainder of the month
Despite a recent increase in Bitcoin price, top-of-the-line artificial intelligence models predict limited upside for the leading digital cryptocurrency for the end of April.
In total, five large language models (LLMs) were queried regarding Bitcoin’s near-term prospects. The average 30-day price forecast set by these AI models stands at $87,512 — a figure equating to a 3.86% upside compared to current prices.
Anthropic’s Claude 3.5 Sonnet set the highest price target, at $89,500, which implies a 6.22% upside. Although the model noted institutional adoption and anticipated interest rate cuts as positive catalysts later this year, the short-term outlook it gave based on technical analysis was rather bearish.
In particular, Claude 3.5 Sonnet noted that Bitcoin’s 50-day simple moving average (SMA) was approaching its 200-day SMA. Should the shorter average cross below the longer one, a death cross chart pattern will have formed — and it usually signals the beginning of steep moves to the downside.
On the other end of the spectrum, the compact model of OpenAI’s flagship model, ChatGPT-4o Mini, set the lowest price target, at $86,058. If met, this mark would equate to a 2.14% rally.
While the output of the models we’ve queried suggests a rather neutral outlook, readers should note that none of the LLMs predict a drop in Bitcoin prices.
How does this stack up to other predictions?
Back in early March, Finbold consulted xAI’s Grok 3 model for insight as to when Bitcoin prices could reach a bottom. According to the LLM’s output, the bottom might have already been reached, as it predicted this would happen in the $78,000 to $82,000 range between mid-March and early April. In addition, Grok predicted that a consolidation period would follow — which matches up with the findings shared here today.
Moreover, the Bitcoin Rainbow Chart, a tool that uses logarithmic growth curves to determine valuation, indicates that stable price action, barring any major developments, would most likely result in the prevailing Bitcoin price on April 30 being in the $73,358 to $95,164 range. The midpoint between those two figures is $84,261 — slightly below the estimates given by AI models today.
Lastly, readers should note one final (and interesting) fact. On average, Bitcoin has provided a 12.12% return in April, but the median return for the month is 2.81%.
In addition, a closer look at the chart below reveals that those results are rather skewed by the 2016 – 2020 period. Since 2021, Bitcoin prices have experienced either losses or very small gains in the month of April.
On the whole, a wide range of predictions and forecasts seem to agree that a period of range-bound trading is about to commence.
Featured image via Shutterstock
