Vertex AI Price Forecast: Bitcoin Has 60% Chance Of Hitting $100,000, Key Predictions Unveiled

Ronaldo Marquez

1 year ago

3 mins read

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On-chain analytics firm Spot On Chain’s team of analysts, using Google Cloud’s Vertex artificial intelligence (AI), has conducted an in-depth analysis to forecast the future price of Bitcoin (BTC).

Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook.

Bitcoin Price Forecasts

According to Spot On Chain’s report, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.

This projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price.

Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.

This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting.

These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin.

Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory.

What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the Halving event.

Price Consolidation On The Horizon?

Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key resistance levels and the potential for a consolidation phase before an anticipated parabolic upside.

According to Retk Capital’s analysis, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level.

This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below.

Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range.

If Bitcoin experiences further downward movement, the analyst believes that there is a possibility that it may approach this area once again. The analyst further notes:

Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting.

As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days.

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

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With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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