Bitcoin (BTC) Retraces Below $65K as AI Algorithms Turn Bearish, But Experts Remain Optimistic About Long-Term Price Advances

After briefly nearing the critical level of $70,000 driven by the optimism stemming from the speech of the former United States President and

As the former United States President and current presidential hopeful Donald Trump continues to express his support for cryptocurrencies, making headlines with his statements at the Bitcoin 2024 conference, بازار cryptocurrencies have been volatile, with Bitcoin (BTC) experiencing a downturn in the past week.

Specifically, Bitcoin dropped upon the news that the U.S. government had moved nearly 30,000 BTC—then valued at about $2.02 billion—from cryptocurrency wallets connected to the Department of Justice’s Silk Road seizures, according to information from Arkham Intelligence.

This move follows Trump's statement during his address at the conference that he would be willing to “keep 100% of all Bitcoin the U.S. government currently holds or acquires into the future” if re-elected. He also mentioned the possibility of commuting Silk Road founder Ross Ulbricht's sentence.

As the dust settles, an advanced AI algorithm employed by the crypto analytics platform PricePredictions paints a pessimistic picture for the future performance of the maiden cryptocurrency. According to data retrieved on August 1, the algorithm predicts that BTC's price on August 31, 024, will be $61,782.51.

Utilizing technical analysis indicators such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and others to generate its price predictions, the AI's forecast indicates a potential decline of 4.02% from BTC's price at the time of press.

Meanwhile, the largest asset in the crypto industry by market capitalization is trading at the price of $64,370 at the moment, having recorded a 2.36% decrease in the past 24 hours, a slight gain of 0.54% in the last seven days, and an overall increase of 3.02% on its monthly chart.

In another development, crypto analyst CryptoCon highlighted that Bitcoin bull markets have historically begun as gold bear markets commenced. This observation suggests a potential shift in the market landscape, considering that the last gold bear market top occurred in August 2020, spanning 208 weeks, as reported by Finbold on July 31.

Moreover, crypto trading expert Ali Martinez recently observed that top traders on Binance, one of the largest crypto exchanges, were buying the dip, with “nearly 70% of them going long on BTC,” as part of his analysis shared on August 1, indicating optimism among traders.

Overall, while the AI algorithms may suggest a potential decline in BTC price towards the end of this month, experts remain optimistic about its long-term price appreciation. As always, conducting your own research, including BTC trends, chart patterns, and relevant events, is crucial when making any investment decisions.

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