Machine learning algorithm sets Bitcoin price for October 1, 2023

As the largest part of the cryptocurrency sector starts to recover from the recent losses and bullish sentiment returns, Bitcoin (BTC) has brought its price back above the $26,000 threshold, and machine learning (ML) algorithms suggest it could see more gains in the near future.

Indeed, the algorithms over at the cryptocurrency analytics and forecasting platform PricePredictions have set the price of the flagship decentralized finance (DeFi) asset at $27,073.63 by October 1, 2023, according to the most recent data retrieved by Finbold on September 14.

More specifically, the algorithms that deploy technical analysis (TA) indicators like relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), and others predict an increase of 2.32% from Bitcoin’s current price.

Bitcoin price analysis

As things stand, the maiden crypto asset was at press time changing hands at the price of $26,459, recording an increase of 1.11% in the last 24 hours and a 2.98% gain across the previous seven days, while it declined 9.79% over the past month, as the latest charts indicate.

It is also worth noting that the price prediction algorithm over at the crypto analytics platform CoinCodex is even more bullish than that of the PricePrediction, placing Bitcoin’s price at $31,368 by October 1, 2023, which suggests an increase of 18.55%, if it proves correct.

Meanwhile, Bitcoin is also recording a surge in the number of page views of its Wikipedia page, which has recently hit its high for this year, peaking at 7,830 views on September 8, riding on the growing interest around the crypto in the expectation of the approval of a Bitcoin spot exchange-traded fund (ETF).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source