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Machine learning algorithm sets Bitcoin price for June 30, 2023

Machine learning algorithm sets Bitcoin price for June 30, 2023

As Bitcoin (BTC) is still trying to move closer to the psychologically important level of $28,000, the flagship decentralized finance (DeFi) asset is starting to show slightly positive signs, suggesting further move up could be in store by the end of June.

In this context, Finbold has consulted the machine learning algorithm over at the cryptocurrency analytics and forecast platform PricePredictions, which has set the price of Bitcoin for June 30, 2023, at $27,540.35, according to the information seen on June 2.

Bitcoin 30-day price forecast. Source: PricePredictions

If these projections, based on indicators like moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), and others, are to materialize, the predicted price would represent a 1.59% increase to the current price of Bitcoin, which at the time of publication was changing hands at $27,110.

Bitcoin price analysis

Indeed, the price of the maiden crypto asset at press time suggests a daily gain of 0.96%, as well as climbing 2.28% over the previous seven days, as it records a loss of 5.42% across the past month, according to the latest charts retrieved on June 2.

Bitcoin 7-day price chart. Source: Finbold

At the same time, the technical analysis (TA) gauges on the finance and crypto market analytics platform TradingView are somewhat mixed, with an optimistic 1-week sentiment that suggests a ‘buy’ at 11, as moving averages (MA) point at a ‘buy’ at 9 and oscillators are in the ‘neutral’ area. On the other hand, 1-day gauges indicate a ‘sell.’

Bitcoin technical analysis 1-week gauges. Source: TradingView

All things considered, Bitcoin’s capability to reach the projected price will depend on multiple factors and indicators. For instance, the 200-week exponential moving average (EMA), support and resistance levels, 200-day EMA, and the 0.382 ratio Fibonacci level suggest that the price of Bitcoin could drop to as low as $23,000, as Finbold reported on June 1.

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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