Bitcoin price hit above $21,440 on major crypto exchanges for the first time since the FTX boom. Most of the buying pressure was individual focused as it reflected the rise of crypto exchanges on Friday. Senior analyst Peter Brandt shared his Bitcoin price prediction. Also, machine learning algorithms at PricePredictions predict the price of Bitcoin for the month of February.
Analyst points $25,000 for Bitcoin by March
cryptocoin.com As you follow, Bitcoin price has hit over $21,000 for the first time since FTX started breaking out in November. Thus, cryptocurrencies started the week with a roaring lead in BTC. Data from CoinGecko shows Bitcoin hitting prices close to $21,450 on major crypto exchanges, with major altcoins following the leading digital asset. Meanwhile, leading altcoin Ethereum climbed above $1,500 and Solana surged to $24.
Bitcoin is up more than 22% in the last seven days and BTC is currently holding resistance above the $21,000 support level. While on-chain data shows that the weekend buying pressure is not institutional investor driven, Bitcoin’s bullish potential remains if prices consolidate above the psychological level. According to senior trader and market analyst Peter Brandt, BTC’s uptrend will benefit from a weekly close above $20,800. The analyst shared the following, accompanied by a graphic forecast:
Any idiot can make crazy predictions about the markets. So here’s my dumb hat guess. In reality, no one has any idea what any market will do.
Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC pic.twitter.com/bpP2ThjnZK
— Peter Brandt (@PeterLBrandt) January 15, 2023
The seasoned analyst predicts that BTC will run to a major resistance at the $25,000 level by March, showing that it has retested the $18,000 level. If the bulls hold at this level, the analyst predicts another sharp rally that could result in Bitcoin price testing the resistance levels around $35,000 by July 2023. While he warns that no one can predict the markets with certainty, his long-term forecast for Bitcoin suggests that the price of the cryptocurrency will rise above $100,000 by 2025.
Machine learning algorithm determines BTC price
Bitcoin got off to a strong start in 2023, reaching multiple key support levels. Investors hope these levels can provide a basis for the first cryptocurrency to continue its bullish trend. The upward momentum came as a result of investors catching positive news on macroeconomic factors. Machine learning algorithms at PricePredictions predict that Bitcoin will trade at $21,382 on February 1, 2023.
Artificial intelligence forecasts use different technical indicators for its forecast such as Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI) and others. This represents a slight increase from Bitcoin’s price of $21,187 at press time.
Bitcoin 30-day price prediction chart / Source: PricePredictions
