As 2024 begins, many assets in the cryptocurrency sector are trading in the green zone, including Bitcoin (BTC), which has continued its move to the upside, although artificial intelligence (AI) and machine learning algorithms are not bullish on its price for the end of this year’s first month.
Indeed, the advanced AI price prediction algorithms over at the crypto market analytics and prediction platform CoinCodex have set the price of Bitcoin on January 31, 2024, at $41,508, according to the most recent information retrieved from the website by Finbold on January 1.
As the above data suggests, the algorithm, which relies on the historical Bitcoin price dataset, accounting for past volatility and market movements, as well as the cyclical nature of its halvings to create a realistic price projection, predicts that Bitcoin could decline by 2.69% compared to its current price.
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Bitcoin price analysis
Meanwhile, the maiden crypto asset was at press time changing hands at the price of $42,651, suggesting an increase of 0.61% in the last 24 hours, a 1.28% loss across the previous seven days, and a gain of 10.03% over the past month, according to the information on January 1.
At the same time, the one-week technical analysis (TA) gauges at the crypto and finance monitoring website TradingView suggest a bullish sentiment of ‘buy’ at 14, which is the summary of oscillators in the ‘sell’ zone at 4 and moving averages (MA) pointing at a ‘strong buy’ at 13.
All things considered, the largest digital asset by market capitalization might end up at a lower price level, as predicted by the machine algorithm. However, its upcoming halving and possible spot Bitcoin exchange-traded fund (ETF) approval could help it make massive gains in the long run, including going parabolic in 2025.
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