Bitcoin is predicted to grow by 18% by January 31

As one of the most challenging years for the cryptocurrency sector comes to an end, crypto traders and investors are trying to predict the value of the flagship digital asset in 2023. Thus, members of the CoinMarketCap crypto community took part in a survey by the platform, sharing their expectations.

According to 15,233 CoinMarketCap members, by January 31, 2023, BTC $56,416.10 Bitcoin -1.81% Market capitalization $1.11 trillion VOL. 24 hours $4.33 billion will be trading for $ 19,640, which is 18% more than its value at the time of writing. In terms of the accuracy of such forecasts, the community’s previous predictions were quite close to the actual price of bitcoin: the accuracy of the forecast for October was 84.22%, and for November — 79.88%.

Interestingly, the forecast of the PricePredictions machine learning algorithm is lower than the expectations of the CoinMarketCap community — the AI calculated that bitcoin would be trading for $ 15,675 on January 31. The PricePredictions technology uses a variety of random process analysis tools, including the Moving Average (MA), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Bollinger Band (BB) indicator.

As of the time of writing, the total market capitalization is $ 823 billion. The flagship digital asset is down 1.9% for the week, and the main altcoin is down 2.2% for the last 7 days ETH $2,991.62 Ethereum -3.90% Market capitalization $359.58 billion VOL. 24 hours $2.63 billion .