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Machine learning algorithm sets Bitcoin price for December 31, 2022

Machine learning algorithm sets Bitcoin (BTC) price for December 31, 2022

With the last month of 2022 underway, the cryptocurrency sector is still trying to recover from the consequences of the devastating collapse of the crypto exchange platform FTX, which also affected the price of its flagship asset – Bitcoin (BTC).

That said, Bitcoin could grow its value by the end of the month, according to PricePredictions’ machine learning-based algorithms that incorporate indicators like the moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), and others.

As per this forecast, the market’s largest decentralized finance (DeFi) asset by market capitalization is set to trade at $18,796.94 on December 31, 2022, which represents an increase of 10.75% compared to its price at press time.

Bitcoin 30-day price prediction. Source: PricePredictions

It should also be noted that the predictions of the machine-learning algorithms are lower than those of the crypto community members over at CoinMarketCap, which estimate that BTC would trade at an average price of $19,788.44 by the end of the year.

Bitcoin technical analysis

However, the sentiment observed using TradingView’s technical analysis (TA) indicators on 1-day gauges still remain largely undecided on Bitcoin for the time being, with their summary suggesting ‘neutral’ at 9, with ‘sell’ at 10 and ‘buy’ at 7.

These results are aggregated from oscillators also pointing toward ‘neutral’ at 8 (with 1 for ‘sell’ and 2 for ‘buy’) but moving averages at the same time indicating ‘sell’ at 9 (as opposed to ‘buy’ at 5 and ‘neutral’ at 1).

BTC 1-day sentiment gauges. Source: TradingView

Bitcoin price analysis

In the meantime, Bitcoin is changing hands at the price of $16,972.84, demonstrating a decline of 1.98% across the previous 24 hours but still representing an increase of 2.85% compared to seven days before.

Bitcoin 7-day price chart. Source: Finbold

Currently, Bitcoin’s market capitalization amounts to $326.32 billion, positioning it as the largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved by Finbold on December 6.

Having said that, a pseudonymous crypto analyst has expressed the view that now is a ‘lifetime investment opportunity’ for Bitcoin, as multiple other crypto trading experts chimed in with their expectations of a bullish rally in the near future.

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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