Bitcoin (BTC) is correcting more than 70% from its all-time high of around $69,000 set in November 2021, ending 2022 lower. Macroeconomic factors as well as fallout from events such as the FTX stock market crash.
Its algorithm determines the price of Bitcoin (BTC) for January 31, 2023!
As such, the asset’s performance in early 2023 continues to attract the attention of investors who think that Bitcoin continues to harbor a sustained sideways trading pattern.
In line with this, machine learning algorithms on digital asset tracking website PricePrediction predict that Bitcoin will likely undergo further corrections to trade at $15,532 on January 31, 2023. The price prediction represents a drop of about 7% from Bitcoin’s price at the time of publication.
According to the 30-day forecast, Bitcoin will likely experience a consistent depreciation in the first month of 2023. However, the tool predicts that Bitcoin could potentially trade at $16,407 on the first day of 2023.
Bitcoin 30-day price prediction chart. Source: Price Estimates
Specifically, the forecast takes into account different technical indicators such as Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI) and others.
Bitcoin price analysis
At press time, the price of Bitcoin was still consolidating and was trading at $16,565 with small gains of about 0.50% over the past 24 hours. On the weekly chart, the asset corrected by around 1.7%.
Bitcoin seven-day price chart. Source: Finbold
Bitcoin’s price action in recent days has highlighted that both bulls and bears have failed to make a hard move in either direction. Commenting on the recent price action, Kitco News analyst Jim Wycoff stated that traders expect a spark in Bitcoin price.
“Traders are waiting for a spark to ignite price action during this quieter holiday season. Neither the bulls nor the bears have a short-term technical advantage, indicating tighter, sideways trading in the coming days. Look for more active trading as the new year starts” said.
What awaits Bitcoin in 2023?
After a turbulent 2022, cryptocurrency industry players offered a variety of views on Bitcoin’s outlook for the new year. As reported by Finbold, David Kemmerer, CEO of CoinLedger, a crypto tax software, believes that Bitcoin will likely correct further in the first half of 2023, anticipating the fallout from the FTX crash to spread further.
Stefan Ristic, a crypto miner who runs BitcoinMiningSoftware.com, suggested that 2023 will be depressed for Bitcoin. However, he pointed out that the upcoming halving event in 2024 will be a critical catalyst for a bull run in 2025.
Interestingly, Aurelien Ohayon, CEO of strategy services platform XOR, suggested that Bitcoin could undergo a bull run in 2023. In his analysis, the first cryptocurrency has historically had a bull run four years later, and the bear market usually lasts for about a year.
According to respected crypto analyst Vince Prince, Bitcoin could potentially reach $1.8 million by 2026 if it follows the ‘Merry Christmas Cycle’. According to the cycle, Bitcoin has reached historic highs at Christmas for the past three years, and despite the bear market, this trend has been repeated in 2022.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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