Skip to content

AI predicts Bitcoin price for May 1, 2024

AI predicts Bitcoin price for May 1, 2024

The cryptocurrency market currently presents a confusing scenario for investors

Bitcoin (BTC) has once again attracted attention this week, showing notable price changes amid a global economic shift and cryptocurrency-related developments.

As of April 18, Bitcoin price today hovers at $61,080, down by approximately 13.85% over the past week and losing over $180 billion from its market cap.

Furthermore, the cryptocurrency has experienced a decline of 3.49% in the last 24 hours. This recent downturn has pushed the market capitalization of BTC to $1.293 trillion.

Bitcoin 7-day price chart. Source: Finbold

Key BTC levels to Watch

The current Bitcoin trading situation represents a critical point, as the cryptocurrency challenges key support and resistance levels. The immediate support level is identified at $58,072, closely followed by a more optimistic resistance level at $64,499. 

According to predictions from artificial intelligence (AI) machine algorithm models, BTC is expected to see a bearish trend in the long term, suggesting a projected decrease of minor 1.7%, with a target price of $60,044 by May 1.

BTC Prediction, May 1, 2024. Source: PricePredictions

However, in the short term, machine learning algorithms detect a bullish trend, indicating a potential slight increase in the next few hours.

The algorithms that deploy technical analysis (TA) indicators like relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), and others.

Beside AI predictions, crypto expert Ali Martinez thinks that key support levels will determine BTC’s direction. If Bitcoin falls below $62,300, the  analyst suggests it could drop to $56,200. Conversely, a rise above $62,300 could signal a potential upswing to $66,500.

Meanwhile, cryptocurrency analyst CryptoCon proposed on April 17 that the ongoing correction is an essential measure aimed at achieving long-term price stability.

The impact of external factors on Bitcoin

A strengthening dollar, encouraged by the Federal Reserve’s decision to hold off on interest rate cuts, is suppressing the bullish outlook for BTC. 

Investors are anticipating future high rates, which makes holding onto dollar-denominated assets more appealing. This presents a challenge for Bitcoin as it approaches its April 19 or 20 halving event.

Both the halving and the dollar’s strength are likely to be key factors influencing Bitcoin’s future price movements. Historically, Bitcoin has benefited from a weak dollar, with its price rising as the dollar falls. 

However, the upcoming halving event makes it difficult to predict Bitcoin’s future direction.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.