Machine learning algo says bitcoin will hold gains

Machine learning algo says bitcoin will hold gains

By achieving several significant support levels, bitcoin (BTC) is off to a strong start in 2023, and investors are hoping it can maintain its upward trend based on these levels.

Amidst the high optimism of crypto investors, PricePredictions’ machine learning algorithms have set bitcoin’s February 1, 2023 price at $21,382. The price forecast represents an increase of 2.6% from the price of bitcoin at the time of publishing.

The artificial intelligence forecasts are based on the combination of a variety of technical indicators, including the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others.

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Current bitcoin analysis 

Around the time of publication, bitcoin’s price fluctuated at $20,838, up just 0.52% in the previous 24 hours. The asset has increased by 20.63% on the weekly chart.

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Meanwhile, The technical analysis of bitcoin on TradingView is inconsistent in other places; the summary aligns with the ‘buy’ mood at 14, but the moving averages are for the strong buy’ at 12. Oscillators are showing a sell 4 signal.

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2023 might be the year that bitcoin experiences a bull run, according to Aurelien Ohayon, CEO of the strategic services platform XOR. He observed that the first cryptocurrency to enter the market normally sees a bull market four years after launch, while a down market lasts roughly one year.

ChatGPT, a text-based AI platform, has also predicted bitcoin price in 2030

Recall that the text-based artificial intelligence platform ChatGPT has become well-known for its ability to handle various jobs with great accuracy. The tool can be used as leverage in trading by presenting potential price changes for various market assets.

Intriguingly, the tool acknowledged that it is difficult to predict the price of bitcoin in the long run, noting the significant market volatility and regulations in response to several queries about the potential bitcoin price in 2030.

The AI-powered platform points out that there is still an opportunity for bitcoin to increase in value over the next several years, given the markets’ maturing and rising acceptance.

Notably, the prediction made by ChatGPT concurs with the view of bitcoin backers who think the currency is close to becoming widely accepted.

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Emmanuel O.

Emmanuel O. is a savvy blockchain content writer with about 5 years of experience. He helps crypto brands gain visibility by creating content with a tone, voice, and style that aligns with their vision and goals. When he is not writing or tweeting about cryptocurrencies, NFTs, web3, or metaverse, he is either cycling, watching movies, or reading other content.