After reaching a new all-time high in March and experiencing a highly-anticipated halving event in April, Bitcoin's performance has been inconsistent recently. The cryptocurrency has faced challenges with lackluster performance and significant price corrections.
Despite a 3.18% increase in the last 24 hours, with the current price of Bitcoin standing at $62,907, concerns remain about its weekly and monthly fluctuations.
Experts at PricePredictions, using machine learning algorithms, forecast a gradual uptrend for Bitcoin. The prediction suggests that the cryptocurrency will reach $63,991.20 by May 31, representing a modest increase of 1.725% over two and a half weeks.
While the algorithms anticipate a steady climb, other industry experts predict significant volatility ahead. For instance, one analyst, Ali Martinez, highlighted the importance of Bitcoin reaching $64,290 to trigger a potential rally towards a new all-time high of $76,610. However, failure to achieve this milestone could result in a drop to around $51,970.
Another expert, Michaël van de Poppe, warned that if Bitcoin falls below $60,000, it could continue to decline until finding support between $52,000 and $55,000. However, he also previously suggested that Bitcoin may have hit its bottom when it dropped to just under $57,000.
It is important to note that investing in cryptocurrencies carries risks, and the predictions offered by experts and algorithms are speculative in nature.
