Valentine’s Day is a day associated with love and affection, and for many investors, the love for Bitcoin (BTC) runs deep. They believe in the potential of digital currency and are willing to ride out the volatility in the hopes of realizing substantial returns in the long run.
In celebration of Valentine’s Day, and to explore the potential impact of the holiday on the purchasing of Bitcoin as gifts, Finbold has analyzed the future performance of Bitcoin in 2023 using AI predictions, as well as a retrospective examination of Bitcoin’s past performance on Valentine’s Day to determine any correlation.
In particular, the machine learning algorithms over at the crypto monitoring platform PricePredictions have projected the price of Bitcoin to stand at $23,868 on February 14, 2023, according to the data retrieved on January 24.
Indeed, aggregating the technical analysis (TA) indicators, including the moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, the platform’s artificial intelligence (AI) predict a 4.11% increase on the price of BTC by Valentines Day.
Historical BTC Valentines Day prices
Valentine’s Day 2021 saw fresh all-time highs reaching as high as $49,000 on the day, but over a year later, Bitcoin was already trading below that level, trading just about $42,000.
It will be up to this year’s holiday to make amends and keep the romance alive, although the asset is almost half of that value. However, following a streak of red monthly candles, Bitcoin may be a buy once again, making it one present you could potentially offer loved ones this year.
In terms of the sentiment on TradingView’s technical analysis indicators on 1-day gauges, they were rather bullish, pointing at a ‘buy’ at 14, as summarized from oscillators being in the ‘neutral’ zone at 8, and moving averages suggesting ‘strong buy’ at 14.
Bitcoin Holiday price predictions
Notably, Finbold’s historical analyses and predictions for the holidays of Thanksgiving (with the projection of $16,353 ending with BTC trading at $16,256 at the start of the day) and Halloween (from a projected $21,348 to realized $20,728 at the start of the day) have proven rather accurate,
However, the Christmas prediction did not fair as well, with the asset predicted to trade at $12,117 on December 25, 2022, as per CoinCodex.com projection.
Meanwhile, as things stand, Bitcoin is changing hands at $22,924, up 0.13% in the last 24 hours and up a further 8.04% across the previous seven days, with a total market capitalization of $441.7 billion.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/bitcoin-price-prediction-for-valentines-day-2023-will-bitcoin-bring-some-love/