Crypto community with 75% historical accuracy sets Bitcoin price for February 28, 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.

Bitcoin (BTC) investors rejoice in encouraging macro data in 2023, with many hoping the cryptocurrency will continue to climb in February.

Interestingly, the machine learning algorithm system that uses AI technology predicts the Bitcoin price to be $24,342 at the end of February. Meanwhile, according to data collected by Finbold on February 6, votes submitted by users of crypto monitoring website CoinMarketCap predict that Bitcoin will change hands at an average price of $20,254 on February 28, 2023.

If the estimates of 15,258 member votes turn out to be true, it would mean that the price of Bitcoin by the end of February will drop -11.44% or -$2,615 from its current value.

Social Bitcoin price estimate as of February 28, 2023. 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 75.55%, with January accuracy at 83, 88%.

Bitcoin has a historical accuracy of 75%. Source: CoinMarketCapBitcoin Price Analysis

At press time, Bitcoin price was trading at $22,875, with a loss of around 2.13% in the last 24 hours. Bitcoin is back below $23,000 and hitting lower lows on hourly timeframes, which may vindicate those who predicted a huge drop in BTC prices.

Bitcoin 1 day price chart. Source: Finbold

The technical analysis of Bitcoins on TradingView is mixed, with the summary lining up with buying sentiment at 10 while the moving averages are for buying at 10. Oscillators point to selling at 2.

1 Day Bitcoin Sentiment Gauges. Source: Trading View

While the Federal Reserve will be releasing some macro data this week, the main focus will be on next week’s Consumer Price Index (CPI) for January.

Volatility could find a new footing among risky assets as this event approaches, the outcome of which is already highly controversial.

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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