After the historic Bitcoin peak in November 2021, the year 2022 saw a frightening decline in parallel with events such as the Terra Luna incidents and the FTX collapse. However, in 2023, Bitcoin managed to recover from these low levels and pleased investors who bought at the beginning of the year with a 3x increase by the end of the 12 months. The year 2024, on the other hand, witnessed a price drop linked to ETFs, and uncertainty continues in the market. The market trended downwards following the interest rate decision announced yesterday.
What Will Be the Price of Bitcoin?
As of the time of writing, Bitcoin (BTC) is struggling to stay above the $42,000 price level. On the other hand, staying above the $40,000 region is considered a really important point.
On the other hand, machine learning and artificial intelligence (AI) algorithms predict that Bitcoin’s price will fall below critical levels by the end of next month.
According to the latest data obtained on February 1, advanced learning algorithms and artificial intelligence used by the frequently mentioned prediction platform CoinCodex suggest that there will be a decline in the Bitcoin price throughout February, and it will be at $38,699 by February 29, 2024.
Considering the $42,000 level at which Bitcoin is traded, it is predicted that the price will experience a decrease of 8.28% from the level it has today. Nevertheless, it is important to remember that artificial intelligences are increasingly developing entities and cannot provide definite results.
Bitcoin Price Analysis
As of the time of writing, Bitcoin has been observed to have fallen to the $42,400 level with a 1.35% decrease in the last 24 hours. On the other hand, the price movement over the last seven days indicated a 5.31% increase. The monthly price review reflects a 7.92% decrease due to the ETF decision and GBTC sales conducted by Grayscale.
Bitcoin’s trading volume has increased by over 9% in the last 24 hours, exceeding $24 billion. Despite a slight drop of nearly 1% in the overall volume, it still remains above the $830 billion level.
In conclusion, Bitcoin may indeed experience a decline in the coming days to the levels suggested by machine learning algorithms. However, even if a drop occurs, investors are already eyeing April 2024, before the planned halving, as an ideal opportunity to ‘buy the dip’.
