The machine learning algorithm calculated the price of bitcoin on January 1, 2023

Machine learning based algorithmsPricePredictions, which takes into account moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands, predicts that Bitcoin will likely extend its bearish sentiment until January 1, 2023.

According to the forecast, on the first day of 2023, Bitcoin will trade at $16,722, which would represent a drop of about 1.5% from the current price of the main cryptocurrency.

30 day bitcoin price prediction. Source: PricePrediction

On the evening of December 16, Bitcoin was trading at $16,964 with a daily loss of about 4%. On December 14, BTC peaked at $18,320 on the weekly chart, with a seven-day loss of about 1%.

Seven-day bitcoin price chart. Source: Finbold

Kitco News analyst Jim Wyckoff noted thatBitcoin has failed to maintain its recent gains despite the ongoing correction, but Bitcoin bulls still have a short-term technical advantage.

At the same time, after the price correction, the summaryBitcoin's one-day technical analysis is bearish, recommending a "sell" at 16, while moving averages point to a "strong sell" at 13.

Bitcoin technical analysis. Source: Trading View

At the current price, Bitcoin will struggle to avoid further corrections below $16,700, and only buying pressure will help here.

In general, the fundamental prerequisites for a possible rally cannot be called strong, as the market continues to be in a state of increased uncertainty.

 

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