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Machine learning algorithm predicts Bitcoin price for October 31, 2023

Machine learning algorithm predicts Bitcoin price for October 31, 2023

In a decisive move, Bitcoin (BTC)  transcended the $28,000 threshold on Monday, October 2, breaking free from its weeks-long consolidation within a constrained trading range. This notable ascent signifies a substantial upswing for the cryptocurrency, marking its first foray beyond the $28,000 mark since the middle of August.

This impressive breakthrough was spurred by BTC’s triumphant breach of a pivotal resistance level, capping off a month-long phase characterized by strategic accumulation among crypto investors. 

As the crypto market continues to evolve, traders and investors are now turning their attention to sophisticated machine learning algorithms, particularly those specializing in PricePredictions. The objective is to leverage these advanced tools in scrutinizing Bitcoin’s trajectory towards the end of October, with a keen eye on the prospect of surpassing the formidable $30,000 resistance level once again.

Interestingly, the AI tools are forecasting that the price of Bitcoin will hover around $30,403 come October 31, breaking above the $30,000 resistance.

BTC price prediction for October 31. Source: PricePredictions. 

The prediction is gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more. 

Bitcoin price analysis

Bitcoin is presently commanding the market at $28,307, reflecting an impressive 3.99% surge over the last 24 hours and an even more notable 8.61% uptick throughout the preceding week. 

BTC 1-day price chart. Source: Finbold

A noteworthy event unfolded on October 2 as it swiftly catapulted from $27,000 to $28,528, witnessing a substantial increase in market capitalization from $528 billion to $552 billion—a remarkable surge of $24 billion transpired within a mere span of hours.

BTC 1-day market cap chart. Source: CoinMarketCap

In a notable outlook, renowned trader and analyst Michaël van de Poppe expresses optimism for October and the entire fourth quarter of 2023. He attributes this positive sentiment to the potential approval of spot Bitcoin exchange-traded funds (ETFs) and the customary pre-halving price surge. 

Contingent upon these factors unfolding as anticipated, Poppe suggests that a surge to as high as $40,000 in Q4 is within the realm of reason for Bitcoin. This projection implies a potential upside of more than 40% from the current price, presenting an enticing prospect for investors.

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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