The crypto community determines with 70% historical accuracy the Bitcoin price for January 31, 2023

After a short bull run, the general cryptocurrency market woke up in a sea of ​​red, and Bitcoin (BTC) fell by more than 2%, leading to less optimistic expectations of the cryptocurrency community regarding the future price of the number one digital asset.

In fact, the votes were cast by members of the cryptocurrency tracking platform CoinMarketCap The projects will be trading Bitcoin at an average price of $19,368 on January 31, 2023, according to data retrieved by Coinphony on January 19.

must estimates 19,438 members voted Be proven true, it means that by the end of January, the Bitcoin price will drop further by -6.64% or – $1,377 compared to its current value, which at the time of publication was $20,745.

Bitcoin Social Average Price Prediction. Source: CoinMarketCap

Taking into account the performance of the crypto community’s predictions for the past six months, it has historically determined the price of the Decentralized Finance (DeFi) token with an accuracy rate of 71.75%.

Accuracy in social estimation of bitcoin. Source: CoinMarketCap

Meanwhile, machine learning algorithms have been running price forecast He previously predicted that the price of Bitcoin is likely to rise to $21,382 on February 1, 2023. Unlike the crypto community, the machine algorithm is still on the upside, recently setting the price at $21,239.

Bitcoin price forecast chart for 30 days. Source: price forecast

In addition, Bitcoin Technical Analysis (TA) is turned on. TradingViewThe intraday s measure remains positive, its summary corresponds to a “buy” bias at 14, which is the result of oscillators indicating “buy” at 2, and the moving averages (MA) indicating “strong buy” at 12.

Bitcoin technical analysis 1 day. Source: TradingView

Bitcoin price analysis

With the announced bankruptcy of cryptocurrency lender Genesis likely to end Bitcoin’s 2023 earnings streak, the asset is now down 2.19% in the past 24 hours, though it still posted gains of 14.10% over the previous week and 23.33% compared to its monthly chart, according to data retrieved by Coinphony on Jan. 19.

Bitcoin price chart 24 hours. Source: quinphone

Notably, Bitcoin’s 24-hour trading volume has increased from $24.27 billion on January 12 to $29.68 billion at press time, which means it has grown by 21.79% in seven days, during which time its market capitalization has seen inflows of nearly $50 billion.

Warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

The Post-Crypto Community with 70% Historical Accuracy Determining the Bitcoin Price for January 31, 2023 appears for the first time on Coinphony.

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