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Since the beginning of the last quarter of 2023, the price of Bitcoin (BTC) has been on a continuous rise, and the 7-day period starting on February 26 brought about an incredible situation. After trading around the $51,000 level for several weeks, the BTC price began an unstoppable ascent, climbing over $14,000 in just a few days to settle just $4,000 below its all-time high on a Monday in March.
Machine Learning Algorithm Forecasts BTC Price
The sudden and strong price movement supports the already strong momentum in the crypto market, while also increasing the opportunities for investors to make profits, raising concerns among market participants about whether Bitcoin is approaching a major correction.
In recent times, when artificial intelligence has been increasingly influencing the market, PricePredictions has been drawing attention with its price forecasts, suggesting that Bitcoin bulls are currently stronger than the bears.
The ongoing rise in BTC price has brought it to $65,000. Consequently, the learning algorithm also indicates that the cryptocurrency is preparing to continue its uptrend, predicting a steady rise to $69,825.42 by March 31, 2024.
Even though a slowdown in growth is considered possible, it is thought that BTC will reach its all-time high level in the three-week period preceding the upcoming halving event. It has been observed that Bitcoin has experienced tenfold and sometimes even a hundredfold increases after halving periods.
Bitcoin Technical Analysis
A significant Bitcoin technical analysis (TA) appears to maintain a bullish forecast in parallel with the learning algorithm’s predictions.
Looking at Bitcoin’s daily, weekly, and monthly performance, similar patterns emerge for the cryptocurrency across different time frames. Overall, BTC maintains a “strong buy” appearance in these time frames. When looking at moving averages, BTC again indicates “a strong buy,” and when considering oscillators, it is rated as a weaker “buy.”
While the prices Bitcoin may reach in the coming weeks are currently just rumors, it is a known fact that BTC has shown an incredible price performance with a 47.32% increase since January 1st.
The sharp price decline that occurred immediately after the acceptance of nine spot BTC exchange-traded funds (ETFs) by the SEC also makes the total increase even more significant.
