Bitcoin Price Prediction: 2024, 2025, 2030

BTC price prediction: Key highlights

1. Primary support and resistance levels

• An analysis of the weekly time frame revealed $40,000 as the lowest probable support for BTC in 2024.
• As the king coin ascends, it can face its highest resistance at around $70,000 to $75,000.

2. Market sentiment

• In August 2024, the BTC market is seen to be slightly bearish.

3. Predictive forecasts

• Our AI/ML predictive algorithms forecast that Bitcoin's value will likely average close to $2 million in 2028 and over $17 million in 2031.

Stay informed on BTC’s future trajectory through a comprehensive weekly technical analysis, followed by coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:

BTC technical analysis: Can the bulls make a return?

In 2023, BTC demonstrated a remarkable recovery from its lows in 2022, showcasing a year of significant volatility and growth. This year, the king coin started out experiencing a massive bull run. Yet, the recent downturn has posed many challenges. Many analysts anticipate that the Bitcoin price prediction for 2024 will be monumental as the price can achieve record-breaking levels.

The period under review started with the coin dropping to the lowest yearly support at $25,000 in mid-August. It wasn't until late September that BTC bulls began rallying. With this rally, they successfully claimed $40,000 by December. After this, the coin consolidated between this support and $45,000.

In February, BTC experienced a bullish breakout that raised it over the latter for the first time since April 2022. This growth was attributed to the launch of BTC spot exchange-traded funds (ETFs). 
 

As the month progressed, bullish momentum intensified, with $52,000 converted into a support level by the end of February. Concurrently, Bitcoin's market capitalization reclaimed the $1 trillion mark, as per CoinMarketCap.

The uptrend carried into March, and Bitcoin hit $73,777 on Binance, surpassing its previous all-time high (ATH). However, a retracement occurred, with prices dropping as low as $60,000 the following week. Despite this pullback, BTC managed to retest the high chart resistance at $71,000 towards the end of the month. A broader market crash followed in Q2 2024, pushing the coin to $60,000 again.

The highly anticipated halving event did not trigger a massive surge in the price or lead to a sell-off. While the altcoins experienced bull rallies, BTC remained relatively stagnant. Moreover, April marked the first time since BTC ended the month with a negative price return. 
 

By mid-May, optimism started to rebuild as the price pumped to retest the yearly peak resistance. Yet, it retracted once more. AMBCrypto credited this drop to the May U.S. jobs report. As a result of this decline, the market capitalization also suffered.

The market continuously bled throughout June, compromising the four-month held support at $60,000 by July. AMBCrypto highlighted a notable influx of over $1 billion worth of BTC sent to exchanges in the first week of July. Additionally, Mt. Gox conducted a test transaction of over 1,000 BTC to prepare for planned payouts to creditors, moving $2.7 billion worth of Bitcoin to a new address. 
 

These transfers, coupled with the German government dumping coins in the market, triggered widespread panic and raised fears of massive sell-offs in the community. Nonetheless, the coin reclaimed $60,000 by mid-July. This resurgence coincided with the news of the assassination attack on former US President Donald Trump. Meanwhile, the whale accumulation continued to grow.

Concurrently, in mid-July, the German government’s BTC reserves were entirely offloaded. Furthermore, Mt. Gox’s balance lowered, signaling that the supply pressure was almost over. Nevertheless, the news of Japan's interest rate hike stoked fears of a market crash similar to 2008. This development likely contributed to Bitcoin retracting below $60,000.

In early August, it retested the $52,000 support. The king coin recovered slightly to exchange hands at $56,944 by the end of the analysis period. The balance of the market has shifted toward sellers, echoing the trend from 2023 that culminated in a new ATH in 2024. 
 

Discussions around a 1.5% rate cut have led to speculation about whether this could lead to a similar rebound into the bull market trajectory. Furthermore, AMBCrypto’s July research report noted that many believe Trump’s presidency could push BTC over $80,000.

Another report by AMBCrypto examined Bitcoin's behavior during the recent market downturn and suggested that a supply shock could be imminent. The ongoing reduction of BTC available on exchanges signals strong long-term bullish sentiment. This optimism is primarily driven by the involvement of ETFs and the anticipation of reaching previously unachieved high predictions.

Several experts are forecasting significantly higher valuations for Bitcoin. These predictions suggest that BTC could escalate to monumental price points of $100,000 to $150,000. This optimistic outlook hinges on its ability to push past a critical threshold of $70,000 to $75,000. Sustained momentum above these levels can likely put $80,000 on the cards.

Nevertheless, the potential for further downtick is scrutinized amidst the market uncertainty. Thus, bearish predictions suggest a drop to the $52,000 mark and potentially lower. A decisive downtrend could see Bitcoin's value dropping to between $45,000 and $40,000. Such a scenario would likely be temporary, paving the way for BTC to rebound and attain new heights.
 

Based on our predictive models' predictions, the coin is anticipated to average around $2 million within four years. The projections become even more striking in the long term. Our models predict that Bitcoin's average price will exceed $17 million by 2031. 

BTC's 2024 roadmap: Key indicators to watch and trade

• The Relative Strength Index (RSI) dipped below 50 as prices fell to their lowest support. After recovering in late September, it entered the overbought territory by October's end, only to recede in January.
• In February, the RSI climbed above 70 again, peaked in March, and dropped below. This downtrend intensified in June, pushing the indicator below the 50 line by July. After a brief resurgence, it dipped again, ending the period at 46.61. This indicated a bearish bias.
• The Chaikin Money Flow (CMF) stayed below the zero line from mid-August to mid-October. After that, the indicator predominantly trended upwards, with a press time value of 0.15. This marked a decrease from earlier highs, reflecting increased selling pressure.
• The trading volume mirrored the price movements. The bullish rallies saw the volume recover significantly, indicating that they were backed by substantial investor interest. In addition, the Q2 2024 downturn was also reflected in the volume, highlighting withdrawal.