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Machine learning algorithm sets Bitcoin price for March 1, 2023

Machine learning algorithm sets Bitcoin price for March 1, 2023

As the cryptocurrency market is writing down significant gains in the past week, crypto traders and investors are trying to gauge where the price of its representative asset – Bitcoin (BTC) – could be standing by the start of the third month of 2023 based on available data, including predictions by machine learning algorithms.

In that context, Finbold consulted the machine learning algorithms over at the cryptocurrency tracking platform PricePredictions, and at press time, they projected that the price of Bitcoin on March 1, 2023, would be standing at $24,934, according to the information retrieved on February 20.

Bitcoin 30-day price prediction. Source: PricePredictions

Indeed, implementing various technical analysis (TA) indicators, including moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, the machine algorithms project that Bitcoin at that time would be trading 1.72% higher from its current price of $24,513.

In terms of the sentiment using the 1-week gauges at TradingView, the indicators are largely positive – their summary residing in the ‘buy’ zone at 12, which is the result of oscillators pointing at ‘neutral’ at 7 but moving averages actually suggesting ‘buy’ at 10.

Bitcoin 1-week sentiment gauges. Source: TradingView

Bitcoin price analysis

In the meantime, Bitcoin is currently changing hands at the price of $24,513, recording a slight decline of 0.35% on the day but still advancing 12.55% over the previous week and gaining 7.96% across its monthly chart, as per the latest data retrieved on February 20.

Bitcoin 30-day price chart. Source: Finbold

Despite the recent crypto crackdown by the United States government, the week ahead could indeed spell a bullish rally in line with the machine learning algorithm’s predictions for Bitcoin, as it has earlier created a foundation for the next leg up, as Finbold reported on February 19.

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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