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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.

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