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Machine learning algorithm predicts Bitcoin price on March 1, 2024

Machine learning algorithm predicts Bitcoin price on March 1, 2024

While Bitcoin (BTC) never lost its place as the most prominent cryptocurrency in the world, the first months of 2024 have seen interest – and interesting developments – only arise further.

From a massive crypto market wipe that saw Bitcoin’s market cap fall a staggering $80 billion in approximately a week in the immediate aftermath of the approval of nine spot BTC exchange-traded funds (ETFs), the coin started again reaching for its previous all-time high above $65,000 by rising to, by press time, about $52,000 from as little as $39,500 in mere weeks.

Analysts have also been struggling to provide accurate analysis for the cryptocurrency in the fast-paced environment with predictions – coming out in quick succession – forecasting events as diverse as a massive correction to as little as $35,000 and as a surge to new all-time highs of $80,000.

The recent developments have also been happening in the shadow of the looming halving event – itself the focal point of many human and artificial intelligence (AI) predictions – and in the context of a wider crypto market rally that saw other digital assets also surge significantly and Ethereum (ETH), the world’s premier altcoin, grasp for $3,000 for the first time since early 2022.

Within this dynamic situation, Finbold decided to consult the AI-driven machine learning algorithms of a platform specialized in projecting future prices of various assets – PricePredictions.

AI forecast BTC price at the start of March

As many are fearfully hoping, the predictive algorithms of the platform forecast that Bitcoin will steadily continue its rise in the coming weeks. In fact, the projection would see the world’s foremost cryptocurrency rise as high as $53,108.10 in the coming 10 days.

Furthermore, the platform forecasts BTC will stay the course deeper into March and find itself at $55,789.10 in one month’s time.

BTC price prediction. Source: PricePredictions

While such a steady trajectory is uncommon in the crypto market – no matter how strong Bitcoin’s performance has been recently – technical analysis (TA) provided by TradingView and based on both the last week and the last month of price changes is similarly bullish about the coin.

BTC technicals. Source: TradingView

In fact, BTC is generally rated a “strong buy” on the platform, with oscillators showing it as a “buy” and moving averages as a “strong buy.” Still, it is noteworthy that analysis based on the last 24 hours of trading is slightly less positive, with oscillators being neutral and moving averages assigning a “buy” rating.

BTC price analysis

While March 1 is in the future, and the future is always hard to predict for certain, it is certain that Bitcoin has been offering strong growth to investors and traders since 2024 started and, indeed, through much of the last 52 weeks.

BTC 1-year price chart. Source: Finbold

Year-to-date (YTD), the cryptocurrency rose 18.21%, and a similar trend has persisted in the shorter timeframes. The last 30 days saw BTC surge 25.32%, and in the last 7 days, another 4.82%. More recently, Bitcoin’s price stabilized somewhat, and it is 0.20% in the red at $52,257.

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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