Bitcoin (BTC) investors are taking heart from encouraging macroeconomic data in 2023, with many hoping that the cryptocurrency will continue to climb in February.
Interestingly, the machine learning algorithm system that employs AI technology predicts that Bitcoin’s price will be $24,342 at the end of February. Meanwhile, according to data gathered by Finbold on February 6, votes submitted by users of the crypto monitoring website CoinMarketCap predict that Bitcoin will change hands at an average price of $20,254 on February 28, 2023.
Should the estimations of 15,258 member votes prove true, it would mean that the price of Bitcoin by the end of February will decline by -11.44% or -$2,615 compared to its current value.
Taking into consideration the performance of the crypto community’s projections for the six previous months, it has historically set the price of the flagship decentralized finance (DeFi) token with an accuracy rate of 75.55%, with January’s accuracy at 83.88%.
Bitcoin price analysis
At press time, Bitcoin’s price was trading at $22,875, with a loss of about 2.13% in the last 24 hours. Bitcoin is back under $23,000 and reaching lower lows on hourly timescales, which may vindicate those who predicted a huge BTC price drop.
Bitcoin’s technical analysis on TradingView is mixed, with the summary aligning with the ‘buy’ sentiment at 10 while moving averages are for the ‘buy’ at 10. Oscillators are pointing at ‘sell’ with 2.
While the Federal Reserve will release some macroeconomic data this week, the emphasis will be mostly on next week’s Consumer Price Index (CPI) for January.
Volatility may find a new footing across risk assets in the run-up to this event, the outcome of which is already highly debated.
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