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.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.