Bitcoin Surges 3.37% to $84,250 Amid Market Volatility

At the time of reporting, Bitcoin (BTC) was trading at $84,250, marking a 3.37% increase over the past 24 hours. This surge has reduced year-to-date (YTD) losses to 9.90%. However, the recent price increase must be viewed in the context of broader market conditions. The cryptocurrency market experienced a significant loss of $100 billion in value over the weekend, following a similar loss on March 27. Macroeconomic concerns and worries about the impact of tariffs are currently dominating the narrative.

Despite the recent price surge, artificial intelligence models predict limited upside for Bitcoin for the remainder of April. Five large language models (LLMs) were queried regarding Bitcoin’s near-term prospects, with the average 30-day price forecast set at $87,512. This figure represents a 3.86% increase from current prices. Anthropic’s Claude 3.5 Sonnet set the highest price target at $89,500, implying a 6.22% upside. The model noted institutional adoption and anticipated interest rate cuts as positive catalysts later this year, but its short-term outlook based on technical analysis was bearish. Specifically, Claude 3.5 Sonnet highlighted that Bitcoin’s 50-day simple moving average (SMA) was approaching its 200-day SMA, which could form a death cross chart pattern, typically signaling steep downward moves.

On the other end of the spectrum, the compact model of OpenAI’s flagship model, ChatGPT-4o Mini, set the lowest price target at $86,058, which would equate to a 2.14% rally. While the output of the models suggests a neutral outlook, none of the LLMs predict a drop in Bitcoin prices. This aligns with earlier predictions from xAI’s Grok 3 model, which suggested that the bottom might have already been reached in the $78,000 to $82,000 range between mid-March and early April. Grok also predicted a consolidation period, which matches the current findings. Additionally, the Bitcoin Rainbow Chart, which uses logarithmic growth curves to determine valuation, indicates that stable price action would likely result in the prevailing Bitcoin price on April 30 being in the $73,358 to $95,164 range, with a midpoint of $84,261.

Historical data shows that Bitcoin has provided an average return of 12.12% in April, but the median return for the month is 2.81%. These results are skewed by the 2016 – 2020 period, as since 2021, Bitcoin prices have experienced either losses or very small gains in April. Overall, a wide range of predictions and forecasts seem to agree that a period of range-bound trading is about to commence.