After a brief bullish rally, the overall cryptocurrency market has woken up in a sea of red again, with Bitcoin (BTC) falling more than 2%, leading to less optimistic expectations of the crypto community about the future price of the first digital asset.
The crypto community sets the price of Bitcoin for January 31, 2023!
Indeed, votes cast by members of crypto tracking platform CoinMarketCap show that Bitcoin will change hands on January 31, 2023, at an average price of $19,368, according to data received by Finbold on Jan.
If the 19,438 votes predictions turn out to be correct, it would mean that the Bitcoin price will drop another -6.64% or -1.377$ compared to its current value of $20,745 at the time of writing by the end of January.
Bitcoin social average price prediction. Source: CoinMarketCap
Taking into account the performance of the crypto community’s forecasts for the previous six months, it historically determined the price of its flagship decentralized finance (DeFi) token with an accuracy of 71.75%.
Bitcoin social prediction accuracy. Source: CoinMarketCap
Meanwhile, machine learning algorithms at PricePredictions had previously predicted that Bitcoin would trade at $21,382 on February 1, 2023. Contrary to the crypto community, the machine algorithm remains bullish and more recently set the price at $21,239.
Bitcoin 30-day price prediction chart. Source: Price Estimates
Bitcoin price analysis
With the bankruptcy of crypto lender Genesis likely to be at fault in interrupting Bitcoin’s winning streak in 2023, the asset is now down 2.19% in the last 24 hours, but is now up 14.10% from the previous week and 23.33% from the previous week. continues.
Bitcoin 24-hour price chart. Source: Finbold
Notably, Bitcoin’s 24-hour trading volume increased from $24.27 billion on Jan. 12 to $29.68 billion at the time of publication, which grew by 21.79% in seven days, a stream of nearly $50 billion in market cap over that time. it means he got it.
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