Skip to content

Crypto community with 84% historical accuracy sets Bitcoin price for July 31, 2023

Crypto community with 84% historical accuracy sets Bitcoin price for July 31, 2023

Bitcoin (BTC), the world’s leading crypto asset, experienced a remarkable surge in value during the latter half of June, captivating the attention of investors and enthusiasts alike. 

Bolstered by a sense of renewed optimism surrounding the institutional adoption of cryptocurrencies, Bitcoin has charted an impressive upward trajectory, reaffirming its position as a powerful force in the financial landscape after reclaiming $30,000.

Seeking fresh insights into BTC’s future price action on July 10, Finbold analyzed the widely-followed Bitcoin price estimate feature on CoinMarketCap, which utilizes community votes and has a historical accuracy of 84.46% in predicting the world’s biggest cryptocurrency’s performance over the past 6 months. 

According to the tool, the Bitcoin community now expects an average BTC price for July 31, 2023, to be $26,818, implying a price decline of around 11% from the current price. 

BTC price prediction for July 31, 2023. Source: CoinMarketCap

The community’s last price forecast, for the end of June 2023, displayed an accuracy of 82.43%.

CoinMarketCap community’s price prediction accuracy. Source: CoinMarketCap

In comparison, the advanced machine learning algorithm used on the PricePredictions platform projected that BTC would rally to $33,329 by the end of the month, suggesting a price increase of over 10% from the current level. 

Bitcoin price analysis

At press time, BTC was trading at $30,241, down 0.3% in the past 24 hours.

On a weekly chart, the crypto coin saw a slight drop of 1.6%, though its monthly gains remain robust at more than 18%, driven by a recent string of applications for a spot Bitcoin exchange-traded fund (ETF) in the US.

BTC 1-month chart. Source: Finbold

Year-to-date, Bitcoin soared over 82%, adding nearly $270 billion in market cap during that period. 

Bitcoin is currently facing a crucial challenge as it tests the significant resistance zone at around $31,000. This particular area has proven to be a formidable barrier for the world’s largest digital asset for more than a year. 

Successfully surpassing this hurdle could potentially open the doors to the next resistance at $32,500, which coincides with the 100-weekly moving average (WMA). Further ahead, the 38.2% Fibonacci retracement level sits around $36,000, posing another noteworthy obstacle. 

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

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available.

Read Next:

Weekly Finance Digest

Related posts