Following the best September in its history, Bitcoin (BTC) might be facing a ‘Dumptober’ instead of an ‘Uptober’ as it begins its first week of the month in a bearish setting, and artificial intelligence (AI) and machine learning (ML) algorithms seem to be pessimistic as well.
As it happens, Bitcoin started the month on a pessimistic note after its overperformance in September sparked optimism for an even more bullish October and, while many believe the decline is the result of the growing tensions in the Middle East, others see it as part of its natural cycles.
AI Bitcoin price prediction
In this context, Finbold has consulted the advanced AI algorithm deployed by the crypto analytics and forecasting platform PricePredictions, which has set Bitcoin’s price direction downward for the continuation of this month, predicting its price would drop to $57,286.92 by October 31, 2024.
Bitcoin price prediction 30-day chart. Source: PricePredictions
This also means that the price of Bitcoin might decline by 6.20% from its price at press time, provided that the algorithms’ predictions, based on technical analysis (TA) indicators like moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others, prove correct.
Experts’ Bitcoin price predition
At the same time, experts like CoinsKid believe that Bitcoin is “doing just fine for a major vertical to new highs,” whereas Jelle observed that the maiden cryptocurrency might be looking at a higher low in the coming days, after which he expects “new all-time highs for Bitcoin in the next 2-3 weeks.”
Bitcoin price performance analysis. Source: Jelle
More recently, crypto trading expert Ali Martinez highlighted the possibility of the United States Federal Reserve (‘Fed’) cutting interest rates by another 50 basis points in its next meeting on November 7, 2024, as a major bullish catalyst for the flagship decentralized finance (DeFi) asset.
Target rate probabilities for upcoming Fed meeting. Source: Ali Martinez
Bitcoin price analysis
For now, Bitcoin is changing hands at the price of $61,070, which indicates a decline of 3.93% in the last 24 hours, adding up to the loss of 4.22% across the previous seven days and reducing to 4.62% its gains from over the past month, according to the most recent data on October 2.
Bitcoin price 7-day chart. Source: Finbold
All things considered, the price of Bitcoin might, indeed, continue to decline despite a strong September traditionally preceding an even stronger October. However, history and analysts seem to be optimistic, stressing the importance of doing one’s own research when investing in digital assets.
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