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The optimism from former US President and current presidential candidate Donald Trump’s recent speech led to Bitcoin’s price surpassing $70,000. However, things took a turn, and BTC fell below the $65,000 mark once again. More importantly, AI algorithms frequently mentioned recently also seem to be bearish on BTC.
Bitcoin Price Prediction
According to data provided by Arkham, BTC started to decline again after the news that the US Department of Justice transferred 30,000 BTC, valued at $2.02 billion, obtained from the Silk Road incidents.
This move by the government came after Donald Trump announced in his speech that he would reduce the sentence of Silk Road founder Ross Ulbricht. Meanwhile, the US government also promised to hold or acquire 100% of all Bitcoin it currently possesses.
While all this was happening, data provided by the AI algorithm used by the crypto analysis platform PricePredictions on August 1st reflected a pessimistic outlook for BTC, predicting that its price could drop to $61,782.51 by August 31, 2024.
Bitcoin Comments
As of today, Bitcoin, which undeniably sits at the top of the crypto world, is trading at $64,700 after a 2.36% decline in 24 hours despite a 1.13% rise in the last 7 days. On a monthly view, BTC’s price has increased by 3.4%.
During this period, Bitcoin’s market cap dropped to $1.275 trillion, while its 24-hour trading volume surpassed $35.8 billion after a 28% increase, spreading the idea among investors that a dip buying might be occurring.
On the other hand, crypto analyst CryptoCon highlighted an important point. The analyst noted that bull markets in Bitcoin historically occurred during the same time frame as bear markets in gold.
Ali Martinez, one of the well-known analysts in the crypto world, recently revealed in his analyses that major traders on Binance, the world’s largest exchange by volume, were buying the dip. He also noted that almost 70% of this group holds long positions in BTC.
Martinez’s analysis, shared on August 1st, might indicate widespread confidence in recovery despite AI’s expectations.
