The machine learning algorithm determines the price of Bitcoin and SHIB for February 1, 2023. Analyzes are being made on this.
Strong start from Bitcoin
Bitcoin (BTC) got off to a strong start in 2023, reaching multiple key support levels. Investors will be hoping that these levels can lay a foundation for the first cryptocurrency to continue its bullish trend. The upward momentum came as a result of investors catching positive news on macroeconomic factors.
As the Bitcoin price continues to rise over the past week, investors will be hoping that the digital asset will continue to climb as we enter February. Machine learning algorithms at PricePredictions predict that Bitcoin will continue to rise higher to trade at $21,382 on February 1, 2023.
Artificial intelligence forecasts use different technical indicators such as Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI) and others in its forecast. A 2.6% increase from Bitcoin’s price at the time of publication.
Bitcoin price analysis
cryptocoin.com As we mentioned, the price of Bitcoin was changing hands at $21,267 with increases of approximately 2.4% in the last 24 hours. On the weekly chart, the asset is up 20.63%.
It is interesting that Aurelien Ohayon, CEO of strategic services platform XOR, predicted that 2023 could be the year Bitcoin was in a bull run. According to his research, the first cryptocurrency to hit the market typically experiences a bull market after four years, and a down market usually lasts about a year.
SHIB wraps up the week as the most popular cryptocurrency
Shiba Inu (SHIB) finished the week ending Jan. 13 as the most popular cryptocurrency on the market, ranking first on the trending list of dog meme coin CoinMarketCap.
With the Shibarium testnet launch on the horizon, traders and investors alike are dying to know what price SHIB will be trading at next month, as Shiba Inu developers released details on how the new Ethereum layer-2 blockchain will work on Jan.
The machine learning algorithm at PricePredictions predicts that SHIB will extend its uptrend from January to February. According to the forecast, the decentralized finance (DeFi) asset will likely trade at $0.000011 on February 1, an increase of about 4.66% from the price at the time of publication of SHIB.
SHIB price analysis
Momentarily, the Shiba Inu was trading at $0.0000106 in the last 24 hours, up about 1.95% and up 16.29% from the previous week. Specifically, the year-to-date (YTD) SHIB added over $1.3 billion to its current market cap of $5.7 billion as of January 17.
TradingView’s technical analysis (TA) indicators on 1-day indicators remain largely bullish for now, with summaries pointing to ‘buy’ at 13. These results are summed from oscillators pointing to ‘neutral’ at 7 (with 2 for ‘sell’ and 2 for ‘buy’); moving averages also show ‘strong buy’ at 11 (instead of ‘sell’ at 3 and ‘neutral’ at 1).
Shibarium development
Shiba Inu’s developers have announced that the launch of Shibarium is ‘soon’, providing data on the functioning of the Layer-2 blockchain.
The blog reaffirms that BONE will function as Shibarium’s gas token and that SHIB will be burned during transactions. Developers also go through the selection and reward system in terms of BONE and the planned TREAT token for Validators and Authorizers of the new blockchain.
Crypto traders will be hoping that once the Shibarium Beta is released, the Layer-2 Network will be a catalyst for further price increases.
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