Deep learning algorithm sets Bitcoin price for March 31, 2023
Despite recording significant growth since the year’s turn, Bitcoin (BTC) still had a challenging few weeks recently, and cryptocurrency traders and investors are looking for indicators of its further movements, including those provided by machine learning platforms.
In this context, the deep learning algorithms over at the cryptocurrency monitoring platform PricePredictions have set the price of Bitcoin at $23,597 by the end of March, according to the data accessed by Finbold on February 28.
As it happens, the algorithms rely on technical analysis (TA) indicators, including relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), accumulation/distribution line (A/D), and on-balance volume (OBV).
Provided that the projections made by the algorithms deploying these indicators prove correct, it would mean the flagship decentralized finance (DeFi) asset on March 31 would be changing hands 0.79% higher than its current price, which at press time stood at $23,413.
Meanwhile, the sentiment on the 1-day gauges at the finance and crypto tracking website TradingView is generally bullish and suggests ‘buy’ at 12, as summarized from the oscillators indicating ‘neutral’ at 8 and moving averages in the ‘strong buy’ range at 11.
Bitcoin price analysis
As things stand, the current price of Bitcoin represents a decline of 1.33% on the day and a more significant 5.54% loss across the previous week but is nonetheless 1.7% higher than 30 days before, as indicated on the latest charts retrieved on February 28.
Whether the maiden digital asset manages to reach the price predicted by the deep learning algorithms will depend on the developments surrounding it, such as rare indicators flashing green and Bored Ape creators Yuga Labs announcing their next non-fungible tokens (NFTs) on the Bitcoin blockchain.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
