The United States Securities and Exchange Commission (SEC) recently approved a spot Bitcoin exchange-traded fund (ETF), which was expected to boost the cryptocurrency market. However, contrary to expectations, the market experienced a downturn, led by Bitcoin. AI and machine learning algorithms have predicted a grim outlook, suggesting that the future may not be as promising.
CoinCodex’s machine learning algorithms have predicted that Bitcoin’s price could drop to $35,808 by February 1, 2024. These predictions are drawing increasing attention and are based on historical price fluctuations and market movements to provide more realistic outcomes.
The algorithm, which also takes into account the cyclical nature of Bitcoin’s halving events and past price movements, indicates that Bitcoin could see a decline of 10% or more from its current price of around $40,000.
At the time of writing, Bitcoin’s price was slightly above $40,000, showing a 2.13% increase over the last 24 hours. This recent performance partially offsets a 5.90% decline over the past week and an 8.31% drop over the month.
While Bitcoin’s market cap has turned positive for the first time in days, rising by 2.19% to $785 billion, its 24-hour trading volume has decreased by 22%, indicating a decline in investor interest. Despite the bleak short-term predictions, the potential for a post-halving rally in 2025 could offer a more hopeful future for Bitcoin.