Machine learning algorithm sets Bitcoin price for December 31, 2022
With the last month of 2022 underway, the cryptocurrency sector is still trying to recover from the consequences of the devastating collapse of the crypto exchange platform FTX, which also affected the price of its flagship – Bitcoin (BTC).
That said, Bitcoin could increase its value by the end of the month, according to Price Predictions’ machine learning-based algorithms that include indicators such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB) and others.
According to this forecast, the market’s largest decentralized finance (DeFi) asset by market capitalization is set to trade at $18,796.94 on December 31, 2022, representing a 10.75% increase compared to its price at press time.
It should also be noted that the predictions of the machine learning algorithms are lower than those of the crypto community members at CoinMarketCap, which estimates that BTC will trade at an average price of $19,788.44 by the end of the year.
Bitcoin Technical Analysis
However, the sentiment observed by means of TradingView’s Technical analysis (TA) indicators on 1-day gauges remain largely uncertain about Bitcoin for now, with the summary suggesting “neutral” at 9, with “sell” at 10 and “buy” at 7.
These results are aggregated from oscillators that also point towards “neutral” at 8 (with 1 for “sell” and 2 for “buy”), but moving averages simultaneously indicate “sell” at 9 (as opposed to “buy” at 5 and ‘neutral’ at 1).
Bitcoin price analysis
Meanwhile, Bitcoin is trading hands at the price of $16,972.84, which shows a decrease of 1.98% in the last 24 hours, but still represents an increase of 2.85% compared to seven days before.
Currently, Bitcoin’s market cap is $326.32 billion, positioning it as the largest cryptocurrency by this indicator, according to CoinMarketCap data obtained by Finbold on December 6.
That said, a pseudonymous crypto analyst has expressed the view that now is a ‘lifetime investment opportunity’ for Bitcoin, as several other crypto trading experts chimed in with expectations of a bullish rally in the near future.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
