Bitcoin Price Prediction for February 1, 2024
The United States Securities and Exchange Commission (SEC) recently approved several spot Bitcoin exchange-traded funds (ETFs), marking a significant development for the cryptocurrency market. However, despite this positive news, machine learning and artificial intelligence algorithms are predicting a bearish outlook for Bitcoin.
According to advanced price prediction algorithms on the cryptocurrency market analytics and prediction platform CoinCodex, Bitcoin’s price could decline to $35,808 by February 1, 2024. These algorithms take into account the historical Bitcoin price dataset, previous volatility and market movements, as well as the cyclical nature of its halvings to create a realistic projection. They forecast a drop of 10.21% compared to the current price.
As of now, Bitcoin is priced at $39,879, showing a 2.44% increase in the last 24 hours. It is attempting to recover from a 6.65% drop over the past seven days and a monthly decline of 8.31%, according to the latest information.
However, one-week technical analysis conducted by the finance and crypto market monitoring website TradingView paints a slightly more optimistic picture. Based on moving averages and oscillators, the analysis suggests a buy sentiment at 12, with moving averages pointing to a strong buy at 11 and oscillators in the neutral zone at 9.
While the outlook for Bitcoin is not currently bullish based on AI and machine algorithms, its upcoming halving in April 2024 may hold the potential for significant long-term gains. Some experts even anticipate a potentially parabolic rally in 2025.
In conclusion, the Bitcoin price prediction for February 1, 2024, according to advanced machine learning algorithms, indicates a potential decline to $35,808. Despite recent approval of spot Bitcoin ETFs by the SEC, the market remains bearish. However, there are optimistic indicators from technical analysis that suggest a potential buying opportunity. Investors and enthusiasts will closely monitor Bitcoin’s performance to gauge its future trajectory.
The original article can be found [here](https://www.finbold.com/machine-learning-sets-bitcoin-price-for-february-1-2024/).
