Machine learning algorithm sets Bitcoin price for February 1, 2024

Although the United States Securities and Exchange Commission (SEC) finally approved multiple spot Bitcoin (BTC) exchange-traded funds (ETFs), the pivotal development has failed to produce a substantial rally, and machine learning and artificial intelligence (AI) algorithms remain bearish.

Indeed, the price of Bitcoin could decline to $35,808 by February 1, 2024, at least according to the advanced price prediction algorithms over at the cryptocurrency market analytics and prediction platform CoinCodex retrieved by Finbold from the website on January 24.

Bitcoin 1-month price prediction. Source: CoinCodex

As per the above data, the algorithm, which makes use of the historical Bitcoin price dataset, accounting for past volatility and market movements, as well as the cyclical character of its halvings to create a realistic projection, forecasts that the maiden crypto asset will drop by 10.21% compared to its current price.

Bitcoin price analysis

At press time, Bitcoin was changing hands at the price of $39,879, recording an increase of 2.44% in the last 24 hours, as it tries to reverse the 6.65% drop from the previous seven days and a decline of 8.31% on its monthly chart, according to the most recent information.

Bitcoin 30-day price chart. Source: Finbold

Meanwhile, the one-week technical analysis (TA) gauges deployed at the finance and crypto market monitoring website TradingView are slightly more optimistic, suggesting a ‘buy’ at 12, as summarized from moving averages (MA) pointing at a ‘strong buy’ at 11 and oscillators in the ‘neutral’ zone at 9.

Bitcoin 1-week sentiment gauges. Source: TradingView

Overall, things do not look very bullish for the flagship decentralized finance (DeFi) asset where AI and machine algorithms are concerned, but its upcoming halving in April 2024 could help it make massive gains in the long run, including a potentially parabolic rally in 2025.

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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