As Bitcoin (BTC) has lately been trading in a sideways trend, with some experts even predicting it could crash to a low of $38,000, artificial intelligence (AI) and machine learning algorithms seem to be following the pessimistic sentiment, predicting more declines.
Specifically, Bitcoin started this month on a bearish note, in line with the flagship decentralized finance (DeFi) asset’s now traditionally underperforming September in terms of its price, but also the performance in the rest of the cryptocurrency sector.
AI’s Bitcoin price prediction
Taking this context into consideration, Finbold has consulted the advanced AI algorithm used by the crypto analytics and forecasting platform PricePredictions, which has set Bitcoin’s price direction downward for the rest of the month, predicting its price to hit $54,313.64 by September 30, 2024.
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In other words, Bitcoin could decline by 7.76% toward the end of September if the predictions, drawing upon technical analysis (TA) factors like Bollinger Bands (BB), moving average convergence divergence (MACD), average true range (ATR), and others, prove correct.
Experts’ Bitcoin price prediction
As a reminder, popular trading analyst Alan Santana has recently analyzed Bitcoin’s movements and predicted its crash toward $43,000 and $38,000 in the following weeks, as he noticed multiple bearish signals with no bullish indicators, Finbold reported on September 2.
However, according to pseudonymous crypto trading analyst Rekt Capital, late September could actually be a breakout time for Bitcoin, highlighting a chart pattern that uses the halving as a baseline and suggesting it tends to break from consolidation between 150 and 160 days after the event.
Additionally, a $102 billion investment firm, VanEck, outlined a path for Bitcoin’s price by 2050, including a base, bearish, and bullish projection, suggesting $2,910,345 under the base scenario, $130,314 in the bearish one, and $52,386,207 in bullish conditions.
Bitcoin price analysis
Currently, the largest asset in the crypto sector by market capitalization is changing hands at $58,880, which suggests a 1.39% increase in the last 24 hours, a drop of 6% on its weekly chart, and an accumulated loss of 2.98% over the past 30 days, as per data on September 3.
All things considered, things do seem bearish for Bitcoin at the moment, and might continue to be as the end of September approaches. However, some crypto experts remain optimistic that it could still turn the tide, highlighting the importance of doing one’s own due diligence.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
