Although the US Securities and Exchange Commission (SEC) finally approved several spot Bitcoin (BTC) exchange-traded funds (ETFs), the crucial development failed to produce a significant recovery, and machine learning and artificial intelligence algorithms (KI) remain pessimistic.
In fact, Bitcoin's price could fall to $35,808 by February 1, 2024, at least according to advanced price prediction algorithms from cryptocurrency market analysis and forecasting platform CoinCodex, which Finbold retrieved from the site on January 24.
1-month price prediction for Bitcoin. Source: CoinCodex
According to the above data, the algorithm, which leverages the historical Bitcoin price data set while taking into account past volatility and market movements as well as the cyclical nature of its halvings to produce a realistic forecast, predicts a 10.21% decline in the first crypto asset in Compare to current price.
Bitcoin price analysis
At press time, Bitcoin was changing hands at $39,879, up 2.44% in the last 24 hours. With this, the company is attempting to reverse a 6.65% decline over the last seven days and an 8.31% decline on its monthly chart, according to the latest information.
Meanwhile, the one-week technical analysis (TA) employed by financial and crypto market monitoring website TradingView is slightly more bullish, suggesting a “buy” at 12, as summarized by the moving averages (MA), which point to a “ “strong buy”. at 11 and oscillators in the “neutral” zone at 9.
Overall, things aren't looking very bullish for the flagship decentralized finance (DeFi) asset in terms of AI and machine algorithms, but the upcoming halving in April 2024 could propel it to massive gains in the long term, including a possible parabolic rally in 2025.
Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
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