CoinCodex’s machine learning algorithm has a crack in it Bitcoin price and predicted where the asset’s price might be, both in the short and very long term. If the predictions yield anything, then the price of Bitcoin is at one of the lowest points it will ever reach in the next seven years.
Very bullish for Bitcoin price in the short term
The predictions of the machine learning algorithm for the Bitcoin price, especially in the short term, are very bullish. These predictions, ranging between five days and a month, show where the algorithm expects the price to be in these time frames and they are far removed from current price levels.
According to the five-day forecast, the machine learning algorithm shows a rather excessive price, predicting that the price will increase by about 50% from now on. The 5-day price target is set at $55,661, and taking into account the current Bitcoin price of just under $31,200 at the time of writing, this means that BTC should rise 49.65% in less than a week.
Source: CoinCodex
However, the one-month forecast is much more realistic at $43,760. This translates into a rally of $17.66% considering the current price, and an increase in value of almost $7,000 for the cryptocurrency pioneer.
Looking at the long term forecast for BTC
On the much longer time frames, the algorithm shows much more bullishness for Bitcoin. For example, in 2024, less than two months away, it predicts that Bitcoin’s price will reach $109,364, with an annual low of $29,564, which is the lowest the asset’s price is expected to be in the next seven years. .
It is expected between the years 2025 and 2026 BTC peaks above $100,000 with a lower annual range of $62,757. Interestingly, the algorithm doesn’t expect much deviation between the annual low and high in 2027, with the former coming in at $78,443 and the latter coming in at $78,522.
In 2029, the CoinCodex machine learning algorithm expects the Bitcoin price to finally surpass the sought-after $300,000 level. This year sees the annual low increase significantly to $126,318 and the annual high placed at $305,028.
Fast forward to 2030 and the bullishness continues with an expected annual low of $141,562. The predicted annual high for 2030 is lower than that of 2029, but still significant at $266,676.
The high numbers projected for the Bitcoin price are not without merit as the website indicates this to be the case There are now more bullish signals flashing than bearish signals. Of the total 30 signals analyzed, 27 were found to be bullish, with only 3 bearish signals.
BTC bullish sentiment holds strong | Source: BTCUSD on Tradingview.com
Featured image from The Economic Times, chart from Tradingview.com
