Artificial intelligence predicts the value of bitcoin at the end of October

Experts turned to artificial intelligence to predict the value of the flagship cryptocurrency at the end of October. CoinCodex’s machine learning system suggested that bitcoin would increase in price by 9.5% and reach $ 29,703 by the specified date.

It is noteworthy that the cryptocurrency market even has such a concept as Uptober. The idea is that every October, bitcoin significantly increases in value. This phenomenon was even relevant last year after the resonant FTX crash. For example, on October 1, 2022, the asset was trading at $ 19,300, but by October 31, the coin reached $ 21,000.

Looking at the 2021 figure, on October 31, bitcoin was near the $ 61,300 area, adding more than 344% compared to 2020. Currently, bitcoin is trading near $ 26,400, having lost 2.4% over the past week. At the moment, bitcoin is demonstrating clear resilience, so there is every chance that the flagship of the crypto market can significantly strengthen its position in October.

On the other hand, there are no concrete reasons for a serious bull run yet. The key factor that points to pressure on the crypto market remains the Fed’s tight monetary policy. In September, the US regulator did not increase the refinancing rate.

However, many analysts suggest that the agency may take this step in November. At the same time, there is a possibility that the Federal Reserve will stick to the tight monetary policy vector next year. It is also unclear how the SEC will act with regard to applications for spot bitcoin ETFs.

As a reminder, the world’s most famous chatbot has predicted that BTC will grow to $ 5 million by 2050. If bitcoin fails to take deep roots in the community due to bureaucratic obstacles, technical limitations, and other negative factors, the digital asset will cost from $ 20,000 to $ 500,000 in 2050, ChatGPT noted.