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

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Bitcoin (BTC) is ending 2022 on a bearish note, with the asset correcting by over 70% from the all-time high of nearly $69,000 set in November 2021. Notably, the top cryptocurrency is heading into the new year still plagued by the prevailing crisis. macroeconomic factors along with the aftermath of incidents such as the collapse of the FTX exchange.

Therefore, the performance of the asset in early 2023 remains of interest to investors considering that Bitcoin continues to harbor a sustained sideways trading pattern.

On the line, machine learning algorithms on the digital asset tracking website price forecast projects that Bitcoin is likely to undergo further corrections to trade at $15,532 on Jan 31, 2023. The price forecast represents a drop of around 7% from Bitcoin’s price at the time of publication.

According to the 30-day forecast, Bitcoin is likely to experience a consistent drop in value in the first month of 2023. However, the tool projects that Bitcoin could potentially trade at $16,407 on the first day of 2023.

Bitcoin 30-day price forecast chart. Source: PricePredictions

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

bitcoin price analysis

At press time, Bitcoin price was still consolidating, trading at $16,565 with small gains of around 0.50% over the last 24 hours. On the weekly chart, the asset corrected around 1.7%.

Bitcoin seven-day price chart. Source: Finbold

Bitcoin’s price movement over the past few days has highlighted the inability of both bulls and bears to mount a formidable move in either direction. Commenting on the recent price action, Kitco news analyst Jim Wycoff noted that traders are waiting for a spark in the price of Bitcoin.

“Traders are waiting for a spark to start price action in what has been a quieter year-end trading period. Neither the bulls nor the bears have a near-term technical advantage, which suggests tighter sideways trades in the coming days. Look for more active trades at the start of the new year,” he said.

Elsewhere, Bitcoin technical analysis on TradingView is dominated by the bearish, with the summary in line with ‘sell’ sentiment at 14, while the moving averages are towards ‘strong sell’ at 13. Oscillators are neutral at 1.

Bitcoin technical analysis. Source: TradingView

What’s in store for Bitcoin in 2023

After a turbulent 2022, cryptocurrency industry participants offered mixed opinions on Bitcoin’s prospects 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 collapse to spread further.

Stefan Ristic, a cryptocurrency miner running BitcoinMiningSoftware.com, has suggested that Bitcoin will have a depressed 2023. However, he pointed out that the upcoming halving in 2024 will be a critical catalyst for a 2025 rally.

Interestingly, Aurelien Ohayon, CEO of strategy services platform XOR, suggested that Bitcoin could see a bull run in 2023. In his analysis, the inaugural cryptocurrency has historically experienced a bull run after four years, and the bear market usually lasts for around one year. .

Elsewhere, according to reputable cryptocurrency analyst Vince Prince, Bitcoin could reach $1.8 million by 2026 if it follows the ‘Merry Christmas Cycle’. According to the cycle, Bitcoin has reached all-time highs during Christmas for the past three years, and the trend has been replicated in 2022 despite the bear market.

Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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