- BTC’s statistics suggested that selling pressure on the coin was low.
- Market indicators pointed to a few more less volatile days ahead.
Bitcoin [BTC] continues to underperform in recent days as it fails to break above the $65,000 mark. In the meantime, a deep learning model predicted something interesting as it suggested that the price of BTC could reach new highs in the next 30 days.
Bitcoin’s new ATH coming soon?
According to CoinMarketCap, remained quite dormant over the past seven days as the price of BTC moved only marginally. The same trend was also visible in the daily price action. At the time of writing, BTC was trading at $64,294.85 with a market cap of over $1.26 trillion.
While the price of BTC remained less volatile, CryptoOnChain, an author and analyst at CryptoQuant, posted a analysis point to a remarkable development. The analysis used a deep learning model that predicted BTC’s next 30-day price action.
The AI model is trained on 370 on-chain indicators to predict the price of Bitcoin in the next 30 days based on the past year’s data.
The analysis also included visualizations of the actual price versus the price predicted by the model for the training, validation, and testing datasets.
If the AI model’s prediction is to be believed, the price of BTC will gain bullish momentum after 25 days. The price increase could push BTC above $77,000, according to the AI model.
Source: CryptoQuant
What statistics suggest
Since the $77,000 target seemed quite ambitious, AMBCrypto checked BTC’s stats to find out if the king of cryptos is gearing up for a bull run.
We found that the network-to-value ratio (NVT) recorded a sharp decline. A decline in the measure means an asset is undervalued, indicating a possible price increase.
Source: Glassnode
Apart from this, quite a few other metrics also looked bullish on BTC. AMBCrypto’s analysis of CryptoQuant’s facts revealed that BTC’s foreign exchange reserve was declining.
Net deposits on the exchanges were low compared to the average of the past seven days. These indicated that selling pressure on BTC was waning.
Source: CryptoQuant
Furthermore, BTC’s binary CDD was green, meaning that long-term holders’ moves over the past seven days were lower than average.
However, at the time of writing, Bitcoin’s fear and greed index had a value of 70. This suggested that the market was in a “greed” phase, which could be difficult in the short term.
Source: Alternative.me
Read Bitcoin [BTC] Price prediction 2024 -2025
AMBCrypto then took a quick look at BTC’s daily chart to better understand if the coin would become volatile. We found that BTC failed to move above its 20-day Simple Moving Average (SMA).
Additionally, both the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) moved sideways, suggesting investors could see a few more slow days ahead.
Source: TradingView