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Price prediction using machine learning for Bitcoin on November 1, 2023

Price prediction using machine learning for Bitcoin on November 1, 2023

In a surprising turn of events on Monday, October 16, Bitcoin (BTC) experienced a swift ascent, peaking at a significant 10% gain and touching the $29,900 mark, its most impressive level since August. 

However, these gains were nearly erased when BlackRock, a prominent asset manager, dismissed claims from a report in the cryptocurrency news space. Specifically, Coin Telegraph had prematurely announced the U.S. Securities and Exchange Commission’s approval of BlackRock’s much-anticipated application for a Bitcoin spot exchange-traded fund (ETF). This news was later withdrawn by the media outlet.

The digital currency experienced a notable dip following a revelation by a Fox Business correspondent on platform X, who stated that BlackRock had repudiated the aforementioned report.

Amidst this backdrop of unexpected twists and turns, the market community appears divided in their outlook for Bitcoin’s trajectory as we advance into the second half of October, a month endearingly dubbed ‘uptober’ in the cryptocurrency sphere.

In search of a more quantified forecast, Finbold consulted the machine learning models at PricePredictions. Their projections suggest a bullish sentiment, anticipating that Bitcoin will inaugurate November at approximately $29,576, marking a commendable surge of over 4% from its current price of $28,421.

Bitcoin November 1, 2023 price prediction. Source: PricePredictions

Bitcoin price analysis

A retrospective glance at Bitcoin’s performance paints an interesting picture: the digital asset has registered gains on merely 13 out of the last 30 days, a rate of 43%. 

Nevertheless, its annual performance is stellar, boasting a 47% appreciation. It’s worth noting that Bitcoin has outshined 87% of the top 100 cryptocurrency assets over the same timeframe and has even overshadowed Ethereum. Currently, Bitcoin holds a position above the 200-day simple moving average, further underlining its robustness.

BTC 1-day price chart. Source: Finbold

For additional insights, Finbold reached out to Google’s Bard regarding the potential implications of a Bitcoin spot ETF approval. In response, Bard emphasized the transformative potential such an endorsement could have on Bitcoin’s valuation, echoing the consensus of numerous market analysts.

“Many analysts believe that it would lead to increased demand for Bitcoin, which could drive up the price. Some analysts have even predicted that the price of Bitcoin could reach $100,000 or even $200,000 if a spot ETF is approved.”

The AI platform identified several potential factors that may influence the price of Bitcoin if a spot ETF is approved. These factors include the general sentiment prevailing in the cryptocurrency market, the level of demand for Bitcoin from institutional investors, the regulatory framework governing digital assets, and the broader economic conditions.

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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