The Machines Know: Bitcoin Primed For Epic Price Surge To $77,000

Christian Encila

Last Updated: July 12, 2024 6:26 am

3 mins read

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After a deep learning model projected a significant price rise for Bitcoin (BTC) within the next month, the bitcoin industry is humming with conjecture. Though the AI is showing a positive picture, financial analysts advise investors to view the estimate with a reasonable dose of doubt.

Bitcoin Price Stagnant, But AI Model Foresees Bright Future

Bitcoin has been in a holding pattern for the past week, hovering angrily about the $64,000 mark. Many investors are perplexed by this lack of volatility and uncertain of the direction the market will go. But a deep learning model created by top blockchain analytics firm CryptoQuant has thrown a curveball into the mix.

Source: CryptoQuant

Trained on on-chain activity and a large dataset of past price fluctuations, the model forecasts a notable price increase for Bitcoin in the next weeks. The study suggests that Bitcoin might surpass the $77,000 barrier in the next thirty days, therefore attesting to a new all-time high (ATH).

Bullish Metrics Support AI’s Vision

Although the AI’s forecast is quite striking, some analysts are waiting-and-seeing. They highlight a number of positive indicators that would seem to fit the projection of the model. An asset’s relative value is measured by the network-to– value (NVT) ratio, which has dropped noticeably implying Bitcoin may be underpriced.

Source: Alternative.me

Furthermore declining exchange reserves point to declining selling pressure. These elements, together with the projection of the model, create a perhaps hopeful picture for the near future of Bitcoin.

Still, there is a shadow of doubt. Measuring investor attitude in the bitcoin market, the Fear and Greed Index finds it currently firmly in “greed” area. Extremely greedy times have historically usually followed market corrections.

This begs the questions about whether the present price stalemate is a warning of an overheated market ready for a retreat rather than a forerunner to a surge.

Bitcoin is now trading at $62.850. Chart: TradingView

Stalemate Before Potential Breakout?

Daily chart technical study of Bitcoin exposes still more complexity. A major sign of short-term momentum, the price has failed often to exceed its 20-day Simple Moving Average (SMA).

Hanging sideways, both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) point to a lack of clear market guidance. These signs suggest that before a possible breakout—either upward or downward—investors may be in for some more days of slow price action.

A Calculated Gamble

Though it’s important to keep in mind that AI projections are seldom perfect, the prognosis of the deep learning model gives some hope for Bitcoin enthusiasts. Though the argument of the model gains weight from the convergence of optimistic indicators, it is impossible to overlook the always present possibility of a market correction motivated by greed.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.