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| Source: Coinmagzine |
Despite Bitcoin (BTC) recently surpassing the $44,500 mark for the first time since the ETF-induced retracement, there's uncertainty about its bullish momentum leading up to Valentine’s Day, according to machine learning and AI algorithms.
Sophisticated AI algorithms utilized by CoinCodex, a cryptocurrency and stock analytics platform, project a decline in Bitcoin's price over the next month. They anticipate a price of $43,182 on February 14, 2024, suggesting a 3.41% loss compared to its current price on February 8.
Previous Valentine’s Days:
A Mix of Trends Historically, Valentine’s Days have seen a variety of movements for Bitcoin. In 2017, Bitcoin traded at $1,004, maintaining a similar sentiment to the days leading up to it before experiencing an upward trend later in the month.
On the contrary, Valentine’s Day in 2019 saw a significant drop in Bitcoin's value, trading around $3,603.37. However, the following year, Bitcoin surged to $10,356, marking a considerable increase compared to the previous year.
Breaking Records:
Bitcoin’s Performance Over the Years In 2021, Bitcoin reached $48,633 on Valentine’s Day, experiencing remarkable growth from $36,000 at the start of the month to $57,000 shortly after, eventually hitting an all-time high of $69,045 in November.
However, in 2022, Bitcoin's performance was moderate on Valentine’s Day, trading at $42,739, with further declines in the weeks following but ending the month on a bullish note above $43,000.
By Valentine’s Day 2023, Bitcoin was priced at $22,221, showing a modest increase before and after. This followed a challenging period in late 2022, exacerbated by the collapse of the crypto exchange FTX in November.
Current Bitcoin Price Analysis As of February 8, Bitcoin is priced at $44,708, representing a 3.65% increase in the last 24 hours and a 6% gain over the previous seven days. However, it has recorded a 4.06% decline on its monthly chart.
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| Source: Coingecko |
In Conclusion While Bitcoin could potentially drop to the price range predicted by AI algorithms, this may be a temporary setback as the cryptocurrency moves closer to its next halving in April, expected to trigger a significant rally.
Disclaimer: The content provided should not be construed as investment advice. Investing in cryptocurrencies carries risks, and capital is at risk.
