Following a massive upside push that the cryptocurrency market has recently made under the leadership of Bitcoin (BTC), artificial intelligence (AI) and machine learning (ML) algorithms predict further success for the flagship decentralized finance (DeFi) asset for this year’s Halloween.
Indeed, after things started to look bleak this month, the famous ‘Uptober’ seems to have returned, and AI-driven algorithms deployed at the cryptocurrency analytics platform CoinCodex suggest more gains by Halloween, setting the price of Bitcoin at $41,160 for October 31.
According to the most recent information, this predicted price would represent an increase of 20.04% from the price of the maiden crypto asset at the time of publication on October 24.
At the same time, ChatGPT, the text-based AI platform that is the brainchild of OpenAI, provided some historical context, pointing out that Halloween in previous years “has seen significant variations in the price of Bitcoin since its inception in 2009,” but not offering any specific figures.
On the other hand, Google Bard offered a range between $25,000 and $35,000, encompassing the possibility of both a bullish and bearish scenario and taking into account the analysis of historical trends on previous Halloweens, for which the AI bot said “reveals a mixed bag of results.”
Uptober returns
As it happens, the phenomenon known as ‘Uptober’ demonstrated its strength even during 2022, when the entire crypto sector was facing massive selling pressure due to a combination of factors that culminated with the implosion of what was once one of the largest crypto exchanges in the world, FTX.
Specifically, by the end of October 2022, Bitcoin was trading above the $21,000 price level, a significant increase from the $19,300 zone it had recorded 30 days earlier – on October 1, as Finbold reported at the time – despite being 66.56% lower than on October 31, 2021.
Notably, on Halloween 2021, the largest digital asset by market capitalization was changing hands at the price of $61,300 with a market valuation of $1.156 trillion, recording an increase of 344.39% from $13,794, which was its price on the previous Halloween.
Bitcoin price analysis
Meanwhile, the price of Bitcoin at press time stood at $34,289, recording an increase of 12.23% in the last 24 hours, adding up to the 20.32% advance across the previous seven days and a 29% gain on its monthly chart, according to the latest data retrieved on October 24.
On the whole, Bitcoin is on a strong upward advance, but its continuity will depend on factors in the market, including chart patterns, the sentiment in the wider crypto industry, and positive developments like the approval of a spot Bitcoin exchange-traded fund (ETF), which seems to be imminent.
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Source: https://finbold.com/ai-predicts-bitcoin-price-for-halloween-2023/