Machine Learning Algorithm Predicts Bitcoin Price for January 1, 2023
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Bitcoin prices are currently holding out on the $16K support level. The flagship currency is 70% away from its ATH in the last Bull Run that took Bitcoin prices to an unprecedented height of $69K.
However, at present, the Bitcoin market is showing an affinity to move either way. The latest dip in the cryptocurrency market has been prolonged by the notorious collapse and controversial revelations from the FTX exchange.
Thus far, investors have maintained a conservative interest in Bitcoin. The flagship cryptocurrency has entered the New Year showing sideways movement. It seems that human analysts are equally divided between a possible bullish or a probable bearish development.
However, the Machine Learning Algorithm developed by the PricePrediction website has something interesting to project regarding the future development of Bitcoin prices.
Bitcoin’s Price Will Fall 7%
For 2023, the ML program of PricePrediction has projected that Bitcoin price can fall 7% lower than its current market value. It means that investors may view their Bitcoin holdings dropping down to $15,532 by the end of January 2023.
The AI has also predicted that throughout January, Bitcoin prices will experience a continuous drop.
On the other hand, the price projection for Bitcoin on the first day of the New Year by the PricePrediction bot was set at $16,407. To issue these predictions, this program takes reference from a host of technical indicators.
Some of these indicators include Moving Averages, Moving Average Convergence Divergence, Relative Strength Index, Bollinger Bands, and others.
Commenting on the current state of Bitcoin, Kitco News analyst Jim Wycoff comments that the market may turn anyway since both bears and bulls are eager to take hold of the market.
He further exclaimed that Bitcoin investors are eager to see a visible trading shift that will help them make a trading decision.
The data projections by TradingView are 14 for moving averages, 13 for strong sell signals, and only 1 for oscillator is 1. BitcoinMiningSoftware has predicted that the Bull Run for Bitcoin could take as much time as 2025.
Meanwhile, there are crypto analysts like Vince Prince who project that Bitcoin prices can reach $1.8 million by 2026 on account of his Merry Christmas Cycle predictions.
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