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Machine learning algorithm predicts Bitcoin price on May 31, 2024

Machine learning algorithm predicts Bitcoin price on May 31, 2024

After generating seemingly endless enthusiasm following its skyrocketing to a new all-time high near $73,000 in March and around the highly-anticipated halving event in April, Bitcoin (BTC) has fallen off somewhat.

The world’s premier cryptocurrency has, in more recent weeks, been struggling with lackluster performance and a string of violent corrections that saw it, at times, plummet as low as $57,000.

Though the most recent trading trends have been positive, as BTC is 3.18% in the green on the 24-hour chart and Bitcoin price today stands at $62,907, but a shadow casts large given its weekly and monthly shakiness. 

BTC 7-day price chart. Source: Finbold

Hoping to provide a modicum of clarity on whether Bitcoin is now set to surge toward previously predicted highs or if more bearish experts are correct and the current cycle has already topped, Finbold decided to consult the AI-driven machine learning algorithms of a platform specializing in forecasting asset prices – PricePredictions.

Machine learning algorithms forecast a gradual uptrend

As it turns out, the algorithms of PricePredictions estimate that the cryptocurrency market – at least when it comes to Bitcoin – is at the end of its highly volatile phase. 

Indeed, the platform forecasts that BTC is set to enter a gradual uptrend that will see the coin hit $63,991.20 on May 31 – a slight rise of 1.725% over the course of two and a half weeks.

BTC machine learning algorithm prediction for May 31. Source: PricePredictions

Though the algorithms see some deviations from the generally steady climb, it would appear they also estimate these will have little bearing on Bitcoin’s performance through the rest of May.

Experts agree on volatility ahead

While algorithms consider a rather uncharacteristic steady rise lies ahead, several crypto experts foresee significant swings – trouble even – on the horizon.

In an analysis posted on X on May 12, Ali Martinez identified $64,290 as a price crucial for BTC to attain. According to the expert, should Bitcoin achieve this goal, it is likely it will experience a massive rally toward a new all-time high (ATH) of $76,610.

On the flip side, should it fail to achieve the climb to $64,290, it is likely that the world’s premier cryptocurrency will quickly lose its footing and find it again only at approximately $51,970.

BTC extreme deviation pricing bands chart. Source: @ali_charts

Another prominent crypto expert, Michaël van de Poppe, advised caution as he believes that should Bitcoin again slip below $60,000, it would continue collapsing until it finds itself in the support zone between $52,000 and $55,000.

BTC price chart with critical support zones. Source: CryptoMichNL

It is, however, possibly worth noting that on April 30, van de Poppe estimated that Bitcoin would find its bottom within a week indicating that the then-discovered levels just under $57,000 constitute the lowest BTC will go for the time being.

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