In recent weeks, the United States Securities and Exchange Commission (SEC) finally granted the long-awaited approval for a spot Bitcoin exchange-traded fund (ETF), paving the way for its trading to begin. However, following this event, expectations were dashed as cryptocurrencies, led by Bitcoin, experienced a significant downturn. In this context, a prediction from machine learning and artificial intelligence (AI) algorithms also emerged, and the future forecast did not seem very hopeful.
How Much Will Bitcoin Be Worth?
Recently, price predictions made by artificial intelligences have been attracting more attention. According to the machine learning algorithms of CoinCodex, which has been frequently mentioned in this process, the price of Bitcoin could fall to $35,808 by February 1, 2024.
The data shared above by CoinCodex was obtained by considering past price fluctuations and market movements to provide more realistic results from the machine learning algorithm.
On the other hand, the algorithm, which also takes into account the cyclical nature of halving and past BTC price movements, suggests that the leading cryptocurrency could experience a decline of 10% or more from its current price of $40,000.
Bitcoin Price Analysis
As of writing, Bitcoin’s price is just above $40,000, and it has been observed to have increased by 2.13% in the last 24 hours, partially offsetting the 5.90% decline over the previous seven days and the 8.31% drop shown in the monthly chart.
Moreover, Bitcoin’s market capitalization has turned positive for the first time in days, rising by 2.19% to reach the level of $785 billion again. However, the 24-hour trading volume did not present a bright picture, with a 22% decrease to a value of $25.3 billion, drawing attention to the decrease in investor interest.
A general review, considering artificial intelligence and machine algorithms, indicates that things do not seem to reflect an upward trend for the leading cryptocurrency. However, considering the potential parabolic rally expected after the halving scheduled for April 2024 and into 2025, the future for BTC could be more hopeful than it seems.
