With Bitcoin (BTC) surpassing the $31,000 mark and maintaining its position above $30,000, cryptocurrency traders and investors are eagerly observing whether the primary digital asset can sustain its upward trajectory and potentially set its sights on $40,000.

The recent surge in the number of spot Bitcoin exchange-traded funds (ETFs) filings and the growing interest from major institutions have significantly influenced investor sentiment toward the cryptocurrency in recent weeks.

Amidst the uncertainty surrounding Bitcoin’s future movement in the upcoming weeks, Finbold sought insights from PricePredictions, a platform renowned for its employment of advanced machine learning algorithms. These algorithms closely assess the dynamic market conditions and analyze pertinent indicators to gauge the probability of Bitcoin’s continued success by the end of July.

Intriguingly, the algorithms project that BTC will climb to $33,329 by the end of the month, representing a 7% increase from the current price of the asset at the time of publication.

BTC price prediction for July 31. Source: PricePredictions

The estimate is based on a wide range of technical indicators, such as moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more. 

Bitcoin price analysis

Over the past year, Bitcoin has experienced an impressive surge, witnessing a substantial 59% increase in price. This growth means BTC has outperformed 84% of the top 100 crypto assets.

Furthermore, the flagship digital asset is currently trading above the 200-day simple moving average, suggesting a positive trend that has caught the attention of seasoned investors. 

As it continues to maintain a strong market position, Bitcoin finds itself trading near its cycle high, further solidifying its standing as a cryptocurrency to watch closely in the fast-paced and ever-changing crypto landscape, with 17 green days in the last 30 days.

As things stand, BTC is changing hands at $31,022, up 1.22% on the day. Renowned crypto trading expert, Michael van de Poppe, shared his insights on July 4 regarding the current state of Bitcoin. According to van de Poppe, he noted that the true acceleration for Bitcoin would take place once it surpasses the $32,500 mark. 

BTC price acceleration. Source: Michael van de Poppe

Until that point, he believes that the progress of Bitcoin would be characterized by a gradual and steady grind. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *