Crypto community with 70% historical accuracy sets Bitcoin price for January 31, 2023

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After a brief bullish rally, the general cryptocurrency market has once again woken up to a sea of ​​red, and Bitcoin (BTC) is down more than 2%, leading to less optimistic expectations from the community. crypto as to the future price of the first digital asset. .

Indeed, votes cast by members of the crypto tracking platform CoinMarketCap predict that Bitcoin will change hands at an average price of $19.368 on January 31, 2023, according to data retrieved by Finbold on January 19.

If the estimates of 19,438 member votes turn out to be true, it would mean that the price of Bitcoin by the end of January will drop another -6.64% or -$1,377 from its current value, which is stood at $20,745 at the time of publication.

Bitcoin Social Average Price Prediction. Source: CoinMarketCap

Given the performance of crypto community projections for the previous six months, it has historically priced the flagship decentralized finance (DeFi) token with an accuracy rate of 71.75%.

Accuracy of Bitcoin Social Estimation. Source: CoinMarketCap

Meanwhile, PricePredictions’ machine learning algorithms previously predicted that Bitcoin would likely surge to trade at $21,382 on February 1, 2023. Unlike the crypto community, the machine’s algorithm continues to be bullish, most recently setting the price at $21,239.

30-day Bitcoin price prediction chart. Source: price predictions

Additionally, Bitcoin’s technical analysis (TA) on TradingViews 1-day gauges remains positive, with its summary lining up with buying sentiment at 14, which is the result of oscillators pointing to buying at 2, and the moving averages (MA) indicating strong buying at 12.

Bitcoin technical analysis 1 day. Source: TradingViewBitcoin price analysis

With the reported bankruptcy of crypto lender Genesis likely responsible for interrupting Bitcoins 2023 winning streak, the asset has now fallen 2.19% in the past 24 hours, although it is still recording an increase down 14.10% in the previous week and 23.33% on its monthly chart, according to data retrieved by Finbold on Jan. 19.

24 hour Bitcoin price chart. Source: Finbold

Notably, Bitcoin’s 24-hour trading volume increased from $24.27 billion on January 12 to $29.68 billion at press time, meaning it was up 21.79% in seven days, during which time its market capitalization received an influx of nearly $50 billion.

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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