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Call Kung Fu! Will BTC break 100,000 before Christmas? AI's answer is surprisingly pessimistic
BTC breaks 100,000 before Christmas?
As the year 2024 is coming to an end, with the sound of Christmas bells about to ring, whether BTC ($BTC) can break through the symbolic $100,000 mark before the end of 2024 has become the focus of attention for many investors to follow.
Looking back over the past 4 years, before Christmas in 2020, BTC surged from $18,035 on December 12 to $23,738 on the 24th, a rise of 34.6% in just 12 days, and further rose by 64.2% in the 15 days after Christmas.
In contrast, Christmas in 2021 appears particularly bleak. Starting from early December, the market enthusiasm decreased by a whopping 12.96%, and after Christmas, BTC initiated a new round of downward trend, plummeting by 27% in just one month.
The Bear Market, which will last for 2 years, will begin next. During the Christmas period in 2022, BTC's Fluctuation is relatively calm, but it gradually warms up after the holiday, and then starts a 25-day Rebound cycle with a 43% increase.
By the end of last year (2023), after Christmas, although BTC fell below $42,000 at one point, due to the potential Favourable Information blessing of BTCSpot ETF, the encryption currency market sentiment soared. I believe everyone is already familiar with the story of BTCSpot ETF passing in early 2024.
With the recent repeated breakthrough of the important technical barrier in the price of BTC ($BTC), how will BTC perform this Christmas? What will be the price? Traders and analysts in the market have different opinions.
Therefore, we have decided to seek help directly from artificial intelligence (AI), hoping that AI can provide investors with insights from a different perspective. Now let's hear the AI algorithm's BTC price prediction for Christmas 2024.
The answer from AI is unexpectedly "very pessimistic"
This time we are not using ChatGPT-4o, but an AI algorithm specifically developed by the encryption analysis platform PricePredictions. This AI tool specifically records the current price trend and objectively predicts the price for the next 1 month to 1 year.
Image source: PricePredictions AI's BTC price prediction
The prediction of AI uses a variety of Technical Analysis indicators, including Average True Fluctuation Range (ATR), Bollinger Bands (BB), Moving Average Convergence Divergence (MACD), and the final result is that the price of BTC ($BTC) on Christmas 2024 is $97,614, only a 3.06% rise from the current price.
This result obviously fell short of the market's expectation of a 'six-digit' price, after all, BTC has risen by 127% in the past year. Some analysts believe that BTC only needs a little extra market momentum, such as further influx of institutional funds or changes in the macroeconomic environment, to easily break the $100,000 barrier.
However, cautious observers point out that the current BTC market has shown signs of overheating. Especially during the Christmas holiday period, the volume tends to decrease due to market closure, which may amplify the risk of price fluctuations due to a lack of liquidity.
In addition, compared to historical data, the performance of the past two Christmas seasons has shown a trend of 'fall first and then rise', which may indicate that the possibility of a short-term pullback should not be ignored.
Although the predictions of AI are somewhat conservative, the market's optimism has not dissipated, and the breakthrough of BTC depends not only on Technical Analysis and historical trends, but also on the comprehensive effects of macroeconomic environment, regulatory policies, and investor sentiment.
For investors who are expecting a 'big market rally' before and after Christmas, they need to seize the opportunity of market rise and also be cautious about potential pullback risks.
【Disclaimer】There are risks in the market, and investment needs to be cautious. Analyst opinions are for reference only. Users should refer to more diverse indicators to determine whether to invest and consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investment based on this, at one's own risk.
"Call for kung fu! Can BTC break 100,000 before Christmas? AI's answer is surprisingly pessimistic." This article was first published in "encryption city"