Machine Learning Algorithm Forecasts Bitcoin Price with Bullish Outlook
Monday, 4 March 2024, 09:51
Machine Learning algorithm predicts BTC price
The AI-driven machine learning predictive algorithms of a platform specializing in projecting future prices - PricePredictions - estimate that Bitcoin bulls have a stronger case than bears.
BTC price March 31 forecast. Source: PricePredictions
- While BTC will stop surging with the speed observable in the latest 5 days, the coin is set to continue the uptrend and steadily rise to $69,825.42 by March 31, 2024.
- Even such a slowing down of growth would lead BTC to rise above its previous all-time high price with approximately three weeks to spare before the upcoming halving event - an event that historically saw Bitcoin surge tenfold and, sometimes, as much as a hundredfold.
Bitcoin technical analysis
Technical analysis (TA) of Bitcoin, as provided by TradingView, is also highly bullish when it comes to the world's premier cryptocurrency.
BTC technicals. Source: TradingView
- Bitcoin's daily, weekly, and monthly performance all lead to similar results, and the coin retains a "strong buy" rating across the timeframes. According to moving averages, BTC is also a "strong buy," and oscillators rate it ever so slightly lower as a "buy."
Bitcoin price chart
While Bitcoin's price in the coming weeks remains entirely speculative, what is certain is that the coin has been doing exceptionally well since January 1, as it rose 47.32%.
BTC price 7-day chart. Source: Finbold
- The total rise becomes even more impressive once the brief and strong downturn in the immediate aftermath of the approval of nine spot BTC exchange-traded funds (ETFs) is accounted for.
- Finally, the last 24 hours of trading have also witnessed a significant price spike that saw BTC rise 5.93% and race above $65,456 amidst an increasingly euphoric sentiment, institutional buying demand, and overall historical gains linked to Bitcoin's halving event, which are putting the asset on track to cross its lifetime highs of $69,000, as forecast, before March is out.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.