Machine learning algorithm sets Bitcoin price for May 31, 2023
The price of Bitcoin (BTC) has been hovering around the $28,000 mark in the past few days, losing some of the previous gains it saw in April as investors brace for the Federal Reserve’s interest rate decision on Wednesday, May 3.
The world’s biggest cryptocurrency exceeded the psychological $30,000 threshold in mid-April for the first time since June 2022. However, Bitcoin has retreated since then, dropping around 5% over the period.
Looking ahead, Finbold has tapped the machine learning algorithm at PricePredictions to gain insight into Bitcoin’s price outlook for the end of May.
According to the algorithm, Bitcoin is expected to follow a downward trajectory over the next few weeks and end this month at $28,265.
The forecast is based on several well-known technical indicators, including moving averages (MAs), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others. The prediction also implies a slight drop of 1.3% from Bitcoin’s current price.
Bitcoin price analysis
At the time of writing, BTC was standing at $28,656, rising 2% in the past 24 hours and just 1% over the past week. Bitcoin’s current market cap stands at $554.6 billion.
Based on technical analysis, the sentiment around Bitcoin’s price on the 1-day gauge at TradingView is mixed. The summary indicates a ‘Neutral’ rating, with the ‘buy’ and ‘sell’ sentiment at 10 and 7, respectively.
The oscillators also suggest a neutral sentiment at 8, while moving averages display a bearish sentiment, holding a ‘sell’ rating.
Meanwhile, 32 fintech and crypto experts said in a survey they were optimistic about Bitcoin’s performance for the remainder of 2023.
According to the survey’s results, these specialists said BTC could hit a new high this year of $35,459, implying a potential price surge of more than 23% from the current levels. Still, the prediction remains a far cry from Bitcoin’s all-time high of more than $69,000 it reached in November 2021.
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