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AI predicts Bitcoin price for August 1, 2024

AI predicts Bitcoin price for August 1, 2024

After Bitcoin (BTC) opened the week on a greener note, its price ranging around $67,000 and pulling the rest of the cryptocurrency market up with it, artificial intelligence (AI) algorithms envision more bullishness and further advances for the maiden crypto asset in the next few months.

Indeed, Bitcoin has solidified its position above the key support level of $66,000 and then surpassed the next important step at $67,000, triggering confidence and optimism not just in the crypto industry but also from advanced AI forecasting algorithms.

BTC price prediction

Specifically, one of these AI algorithms, which draws on historical BTC trends, technical analysis (TA) indicators, chart patterns, and relevant developments, has projected that Bitcoin could hit the price of $97,264 by August 1, 2024, suggesting an increase of 44.89% from its current values.

3-month BTC price prediction. Source: CoinCodex
3-month BTC price prediction. Source: CoinCodex

Elsewhere, the latest iteration of the OpenAI invention ChatGPT, called GPT-4o, has offered the Bitcoin price prediction for August 1, 2024, with targets between $76,348.50 and $89,108.83, “considering the ongoing market factors and historical trends.”

In the meantime, the recent Anthropic AI model, Claude 3 Opus, is even more optimistic, having provided an estimate for Bitcoin price that suggests it will be trading between $105,072 and $167,808 by August 2024, taking into account Bitcoin post-halving sentiment, exchange-traded funds (ETFs), and more.

As it explained:

“The approval of spot Bitcoin ETFs in early 2024 has led to significant inflows, with BlackRock’s ETF alone accumulating over 16,000 BTC within days of launch. Continued institutional adoption could drive prices higher.”

BTC price analysis

For now, Bitcoin is changing hands at $67,130, which indicates a 0.11% decline in the last 24 hours, but nonetheless an increase of 6.88% across the previous seven days and an accumulated gain of 4.93% over the past month, according to the most recent charts on May 20.

Bitcoin price 7-day chart. Source: Finbold
Bitcoin price 7-day chart. Source: Finbold

Meanwhile, renowned crypto trading expert Ali Martinez has observed that traders have transacted over 530,000 BTC at the price of $66,250, making it a crucial support level, which, if holds, could send Bitcoin sky high, as he explained in an X post on May 20.

Bitcoin UTXO realized price distribution. Source: Ali Martinez
Bitcoin UTXO realized price distribution. Source: Ali Martinez

Earlier, pseudonymous expert TradingShot shared insights according to which Bitcoin could reach a whopping $100,000 sometime after July, based on the analysis of Bitcoin’s TA indicators and prevailing bullish sentiment following a significant correction in early May, as Finbold reported on May 18.

Bitcoin price action analysis and prediction. Source: TradingShot
Bitcoin price action analysis and prediction. Source: TradingShot

All things considered, Bitcoin might, indeed, follow the path set by some of the popular AI platforms, especially if the market retains positive sentiment around the flagship decentralized finance (DeFi) asset, but doing one’s own research is highly important as things in this sector can change overnight.

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