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