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The use of Artificial Intelligence (AI) in price predictions in the cryptocurrency market is expanding. The GNY Range Report team, who is curious about this subject, has decided to organize a competition to determine whether artificial intelligence or crypto analysts can make better predictions.
GNY Range Report utilizes technical analysis indicators to create price range predictions for cryptocurrencies using an AI learning model called LSTM. As a result, the results were shared on the project’s website on November 2nd.
For the conducted test, a price prediction for BTC‘s closing price on October 27th was requested, and accordingly, the Bitcoin (BTC) price prediction competition was launched. In the competition, crypto investors were asked to make price predictions between October 23rd and October 25th.
A total of 206 price predictions were made during the three days, and 56 of those who made these predictions had an accuracy of more than 3% compared to AI’s predictions.
The GNY team made the following statement:
The first observation was that the average accuracy of the group was higher than we expected.
What Were the Results of the Competition?
In addition, the team collected data from GNY Report on each of the three days. The results obtained were remarkable. As of the last day of the competition, the price of Bitcoin reached $33,892.02, and the predictions were as follows:
On October 23rd, the average price prediction of crypto investors was $31,168, surpassing GNY Range Report’s prediction of $29,861.
Despite the difference, both the analysts and the AI’s predictions almost equalized on October 24th. Analysts made a price prediction of $33,090 for BTC. The AI’s prediction was $33,058.
Finally, on October 25th, the AI took the lead and surpassed the analysts by a small margin. The AI’s prediction was $33,976 compared to the analysts’ closing price prediction of $34,128 on October 27th.
Especially when looking at the average of the three-day price predictions, crypto traders predicted a closing price of $32,795.33 for Bitcoin. The GNY Range Report AI, which was their competitor, made an average prediction of $32,298.33.
When looking at the price predictions, it can be seen that the AI is not far behind the analysts. Considering this situation, it reveals how advanced AI has become in determining a price trend and acting accordingly.
