Crypto Community Sets Bitcoin (BTC) Price for January 31, 2023

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CoinMarketCap cryptocurrency community price estimation is based solely on the votes of its users. Estimates do not guarantee month-end prices.

As one of the toughest years for the cryptocurrency industry is about to end, crypto traders and investors are analyzing the movements of Bitcoin (BTC) to try and project the price action of the flagship decentralized finance (DeFi) token in the near future.

With that in mind, the cryptocurrency community at CoinMarketCap is bullish on the price of Bitcoin for the end of the opening month of 2023, predicting that it would change hands at an average price of $19,640.54 on January 31. 2023, according to data retrieved Dec. 29.

If the communities projections, which are the result of 15,233 member votes cast by press time, prove correct, the projected price would represent an increase of +18.09% or +$3,008.75 over the price of the flagship digital asset at the time of publication.

Social Bitcoin price estimate as of January 31, 2023. Source: CoinMarketCap

In terms of accuracy, the community’s previous predictions have been found to be quite close to the factual Bitcoin price, with the prediction accuracy for October being 84.22% and November’s being 79.88%.

Bitcoin Price Analysis and Sentiment

Indeed, Bitcoin was trading at press time at $16,631.81, showing a 0.61% decline on the day, as well as a 0.32% decline from the previous seven days, as its monthly charts show a 1.44% increase in what was primarily a sideways trading pattern, with a market capitalization of $320.1 billion.

1 month Bitcoin price chart. Source: Finbold

Meanwhile, the one-month technical gauges for Bitcoin lie in the sell zone at 11, as summarized from oscillators indicating neutral at 8 and moving averages (MA) indicating strong selling sentiment at 9, according to TradingView data retrieved by Finbold.

1-Month Bitcoin Sentiment Gauges. Source: Trading View

Additionally, PricePredictions’ machine learning algorithm has set a bearish price target for Bitcoin for the end of January, predicting that it will change hands at a price of $15,675.35 on January 29, 2023, according to its predictions on 30 days.

It’s also important to note that experts are divided on what awaits the first cryptocurrency in the near future, with some predicting a big upside move and others predicting more pain for Bitcoin before it can move higher. . It remains to be seen which side turned out to be (more) correct.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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