Although the United States Securities and Exchange Commission (SEC) finally approved multiple spot Bitcoin (BTC) exchange-traded funds (ETFs), the pivotal development has failed to produce a substantial rally, and machine learning and artificial intelligence (AI) algorithms remain bearish.
Indeed, the price of Bitcoin could decline to $35,808 by February 1, 2024, at least according to the advanced price prediction algorithms over at the cryptocurrency market analytics and prediction platform CoinCodex retrieved by Finbold from the website on January 24.
Bitcoin 1-month price prediction. Source: CoinCodex
As per the above data, the algorithm, which makes use of the historical Bitcoin price dataset, accounting for past volatility and market movements, as well as the cyclical character of its halvings to create a realistic projection, forecasts that the maiden crypto asset will drop by 10.21% compared to its current price.
Bitcoin price analysis
At press time, Bitcoin was changing hands a
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