Most of the cryptocurrency market continues to trade in the red. The leading crypto Bitcoin is struggling hard not to lose the critical $60,000. Altcoins have also witnessed sharp declines across the board. As we start a new month, it is unclear how long this negative atmosphere will continue. To give you an idea, we took a look at AI’s May 31 predictions for BTC and XRP Coin.

Artificial intelligence predicts Bitcoin price for May 31

Cryptocoin.comAs you have been following, the first spot Bitcoin ETFs in Hong Kong did not meet expectations. Following this, the Bitcoin price fell to around $60,000. Moreover, AI algorithms are pessimistic about the coming month. AI doesn’t foresee an end to Bitcoin’s woes in the next few weeks. PricePredictions, a crypto analytics and forecasting platform, predicts that BTC will fall to $53,476.60 by May 31, 2024. This means that Bitcoin will fall another 11.51% from its current price.

BTC price forecast 1-month chart. Source: PricePredictions

Bitcoin price analysis

At the same time, crypto experts like Ali Martinez and Michaël van de Poppe see a bright future for Bitcoin. Martinez observed that it “consolidated for an extended period around the last two halving events (189 days in 2016 and 87 days in 2020) before the bull run resumed.” Bitcoin has consolidated for 60 days so far.

Bitcoin consolidation patterns around halvings. Source: Ali Martinez

Meanwhile, Michaël van de Poppe highlighted several arguments for a potential bottom in Bitcoin, including the upcoming Federal Open Market Committee (FOMC) meeting, the unemployment data report and the trial of Binance CEO Changpeng Zhao. However, the analyst said that a rebound will follow.

Bitcoin price action analysis and forecast. Source: Michaël van de Poppe

Artificial intelligence predicts XRP Coin price for May 31

XRP Coin is no exception to the deep losses in the crypto market. Artificial intelligence algorithms predict that XR Coin will not be out of trouble until the end of May. PricePredictions predicts that the price of XRP Coin will fall to $0.479024 by May 31. This represents a loss of 3.27% compared to XRP’s price at the time of writing.

XRP price forecast 1-month chart. Source: PricePredictions

XRP Coin price analysis

Currently XRP Coin is trading at $0.49522. This marks a decline of 3.41% on its daily chart. Moreover, the altcoin has lost 10.16% over the past week Moreover, it has experienced a more significant drop of 20.43% over the past month. Meanwhile, the analyst nicknamed Dark Defender recently stated that XRP is “on the verge of a big bounce” to $1.88 considering its previous behavior, but he did not rule out the chance of a break lower if it falls further towards the main support level of $0.4623.

XRP price action analysis and forecast. Source: Dark Defender

Earlier, the analyst said that XRP exhibited a trading pattern reminiscent of its behavior between 2013 and 2017, which preceded a significant uptrend in XRP’s value. He also suggested that it will potentially reach a market capitalization of $50 billion in May.

XRP price action analysis and forecast. Source: Dark Defender