Skip to content

Machine learning algorithm sets Bitcoin price for February 1, 2024

Machine learning algorithm sets Bitcoin price for February 1, 2024

Although the United States Securities and Exchange Commission (SEC) finally approved multiple spot Bitcoin (BTC) exchange-traded funds (ETFs), the pivotal development has failed to produce a substantial rally, and machine learning and artificial intelligence (AI) algorithms remain bearish.

Indeed, the price of Bitcoin could decline to $35,808 by February 1, 2024, at least according to the advanced price prediction algorithms retrieved by Finbold on January 24.

Bitcoin 1-month price prediction. Source: CoinCodex

As per the above data, the algorithm, which makes use of the historical Bitcoin price dataset, accounting for past volatility and market movements, as well as the cyclical character of its halvings to create a realistic projection, forecasts that the maiden crypto asset will drop by 10.21% compared to its current price.

Bitcoin price analysis

At press time, Bitcoin was changing hands at the price of $39,879, recording an increase of 2.44% in the last 24 hours, as it tries to reverse the 6.65% drop from the previous seven days and a decline of 8.31% on its monthly chart, according to the most recent information.

Bitcoin 30-day price chart. Source: Finbold

Meanwhile, the one-week technical analysis (TA) gauges deployed at the finance and crypto market monitoring website TradingView are slightly more optimistic, suggesting a ‘buy’ at 12, as summarized from moving averages (MA) pointing at a ‘strong buy’ at 11 and oscillators in the ‘neutral’ zone at 9.

Bitcoin 1-week sentiment gauges. Source: TradingView

Overall, things do not look very bullish for the flagship decentralized finance (DeFi) asset where AI and machine algorithms are concerned, but its upcoming halving in April 2024 could help it make massive gains in the long run, including a potentially parabolic rally in 2025.

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 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. Other fees apply. For more information, visit etoro.com/trading/fees.

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

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.