Artificial Intelligence Predicts Bitcoin Price for October 31, 2023
In a decisive move, Bitcoin (BTC) surged past the $28,000 mark on Monday (October 2), breaking weeks of consolidation within a tight trading range.
This notable ascent represents a substantial increase for the cryptocurrency, marking its first venture above the $28,000 mark since mid-August.
This advancement was driven by BTC's triumphant breakthrough of a crucial resistance level, concluding a month-long phase characterized by strategic accumulation among cryptocurrency investors.
As the cryptocurrency market continues to evolve, traders and investors are turning their attention to sophisticated machine learning algorithms, especially those specialized in price predictions.
The goal is to leverage these advanced tools to analyze Bitcoin's trajectory until the end of October, with a keen eye on the prospect of surpassing the $30,000 resistance level once again.
AI tools are predicting that Bitcoin's price will hover around $30,403 by October 31, surpassing the $30,000 resistance.
This prediction is obtained using several key technical indicators, including Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands (BB), and others.
A significant event occurred on October 2 when BTC quickly jumped from $27,000 to $28,528, witnessing a substantial increase in market value, from $528 billion to $552 billion—a $24 billion increase occurred in a matter of hours.
In market outlook, trader and analyst Michaël van de Poppe expresses optimism for October and the entire fourth quarter of 2023. He attributes this positive sentiment to the potential approval of Bitcoin spot ETFs and the customary pre-halving price increase.
In addition to these factors, Poppe suggests that an increase to $40,000 in the fourth quarter is a reasonable possibility for Bitcoin. This projection implies a potential upside of over 40% from the current price.
