The algorithm reveals the price of Bitcoin (BTC) for January 31, 2023!

Bitcoin had its highest in 2021's last months, and after that a sudden decrease started to show up. After that many have been waiting the cryptocurrency to go up and now we have some surprising news.

The algorithm reveals the price of Bitcoin (BTC) for January 31, 2023!

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 this 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 price analysis

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. As the new year begins, look at more active trade,” he 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 investment advice.