As one of the most challenging years for the cryptocurrency sector 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 this in mind, the cryptocurrency community over at CoinMarketCap is bullish on the price of Bitcoin for the end of the opening month of 2023, predicting it would be changing hands at an average price of $19,640.54 on January 31, 2023, as per data retrieved on December 29.
If the community’s projections, which are the result of 15,233 member votes cast by press time, prove correct, the predicted price would represent a +18.09% or +$3,008.75 increase compared to the price of the flagship digital asset at the time of publication.
In terms of accuracy, the community’s previous predictions have turned out to be quite close to the factual Bitcoin price, with the forecast accuracy for October standing at 84.22% and for November at 79.88%.
Indeed, Bitcoin was at press time trading at $16,631.81, demonstrating a decline of 0.61% on the day, as well as being down 0.32% compared to the previous seven days, whereas its monthly charts demonstrate an increase of 1.44% in what was mostly a sideways trading pattern, with a market cap of $320.1 billion.
Meanwhile, the 1-month technical gauges for Bitcoin stand in the ‘sell’ area at 11, as summarized from oscillators indicating ‘neutral’ at 8 and moving averages (MA) pointing to ‘strong sell’ sentiment at 9, according to the TradingView data retrieved by Finbold.
Additionally, the machine learning algorithm at PricePredictions has set a bearish price target for Bitcoin for the end of January, projecting it would be changing hands at the price of $15,675.35 on January 29, 2023, as per its 30-day forecast.
It is also important to note that experts are divided over what awaits the maiden cryptocurrency in the near future, with some predicting a ‘large upside move’ and others forecasting more pain for Bitcoin before it can move upwards. Which side is proven to be (more) correct remains to be seen.
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