Machine learning algorithm sets Bitcoin (BTC) price for January 31, 2023

A machine learning algorithm determines the price of Bitcoin (BTC) on January 31, 2023

Bitcoin (BTC) ends 2022 on a bearish signal, as the asset has corrected over 70% from its all-time high of roughly $69,000 set in November 2021. It should be noted that the major cryptocurrency is still entering the new year. suffer from the prevailing. Macroeconomic factors combined with the repercussions of events such as the FTX stock market crash.

Therefore, the performance of the asset at the beginning of 2023 is still of interest to investors given that Bitcoin is still carrying a sustainable sideways trading pattern.

In line, machine learning algorithms in digital asset tracking location predict the price Project that Bitcoin is likely to undergo further correction to trade at $15,532 on January 31, 2023. The price prediction represents a decline of approximately 7% from the price of Bitcoin at the time of publication.

According to the 30-day forecast, Bitcoin is likely to experience a steady decline in value over the first month of 2023. However, the tool predicts that Bitcoin could trade at $16,407 on the first day of 2023.

Bitcoin price forecast chart over 30 days. Source: price forecast

Notably, the forecast takes into account various technical indicators, such as Bollinger Bands (BB), Moving Averages (MA), Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and others.

Bitcoin price analysis

By the time of publication, Bitcoin price was still consolidating, trading at $16,565 with a slight gain of around 0.50% in the past 24 hours. On the weekly chart, the asset has corrected around 1.7%.

Seven day bitcoin price chart. Source: Finbold

Bitcoin’s price action in recent days has highlighted the inability of both bulls and bears to make a massive move in either direction. Commenting on the recent price action, Kitco News Analyst Jim Wyckoff notes that traders are waiting for a spark in the Bitcoin price.

“Traders are waiting for a spark to ignite price action in a quieter holiday trading period. Neither the bulls nor the bears have a near-term technical advantage, which indicates narrow range sideways trading in the coming days. Look for more active trading as the new year begins.” .

Elsewhere, Bitcoin technical analysis is provided at TradingView The downside dominates, with the summary consistent with a “sell” bias at 14 while the moving averages indicate a “strong sell” at 13. Oscillators are neutral at 1.

Bitcoin technical analysis. Source: TradingView

What’s in store for bitcoin in 2023

After a tumultuous 2022, players in the cryptocurrency industry have offered diverse opinions on how Bitcoin looks in the new year. As reported by Finbold, David Kemmerer, CEO of CoinLedger, a crypto tax software, believes that Bitcoin is likely to correct further in the first half of 2023 expecting the fallout from the FTX crash to spread further.

Stefan Ristic, a cryptocurrency miner who runs BitcoinMiningSoftware.com, suggested that Bitcoin will suffer a depression in 2023. However, he notes that the upcoming halving event in 2024 will be a critical catalyst for a bull run in 2025.

Interestingly, Aurelien Ohayon, CEO of the XOR strategic services platform, suggested that Bitcoin could undergo a bull run in 2023. In his analysis, the first cryptocurrency has had a bullish bullish history after four years, and a bear market usually lasts for about a year.

Elsewhere, according to popular cryptocurrency analyst Vince Prince, bitcoin could reach $1.8 million by 2026 if it follows a “merry cycle.” By course, Bitcoin has made historic Christmas highs over the past three years, and the trend is repeating in 2022 despite the bear market.

Disclaimer: The content on this site should not be considered investment advice. Investment is speculation. When investing, your capital is at risk.

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