Machine learning algorithm sets Bitcoin price for February 1, 2023

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Bitcoin (BTC) has gotten off to a strong start in 2023 by achieving multiple important support levels. Investors will be hoping that these levels may serve as a foundation for the first cryptocurrency to continue its upward trend. The bullish momentum has arisen as a result of investors seizing on positive news about macroeconomic factors.

As the price of Bitcoin continues to climb over the last week, investors will be hoping the digital asset will continue to climb as it heads into February. The machine learning algorithms at PricePredictions project that Bitcoin will likely continue to climb further to trade at $21,382 on February 1, 2023.

In its prediction, the artificial intelligence forecasts use different technical indicators, such as the Bollinger Bands(BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others, price forecast represents an increase of 2.6% from Bitcoin’s price at the time of publishing. 

Bitcoin 30-day price forecast chart. Source: PricePredictions

Bitcoin price analysis

At press time, Bitcoin’s price was changing hands at $20,838, with minor gains of about 0.52% in the last 24 hours. On the weekly chart, the asset has climbed by 20.63%. 

Bitcoin seven-day price chart. Source: Finbold

Elsewhere, Bitcoin’s technical analysis on TradingView is mixed, with the summary aligning with the ‘buy’ sentiment at 14 while moving averages are for the ‘strong buy’ at 12. Oscillators are pointing at ‘sell’ 4. 

Bitcoin 1-day technical analysis. Source: TradingView

It’s interesting to note that Aurelien Ohayon, CEO of the strategic services platform XOR, predicted that 2023 might be the year when Bitcoin has a bull run. According to his research, the first cryptocurrency to enter the market typically experiences a bull market after four years, and a down market typically lasts for around one year.

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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