RATE Group | Model That Predicted Bitcoin Price Drop to $8,000: Bears Are Done
65959
wp-singular,post-template-default,single,single-post,postid-65959,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Model That Predicted Bitcoin Price Drop to $8,000: Bears Are Done

20 Oct Model That Predicted Bitcoin Price Drop to $8,000: Bears Are Done

Posted at 13:45h in Cryptocurrency News by

[ad_1]

The Bitcoin (BTC) bear trend that brought the cryptocurrency from $14,000 to $7,700 is over… according to a price model anyway.

In early-August, a cryptocurrency investment boutique unveiled a price prediction model that used Facebook’s Prophet machine learning software in Python. BurgerCrypto, as the upstart is called, revealed in their model that they expect Bitcoin to fall to the low-$8,000 region in October.

Related Reading: Bitcoin Price May Buck Bull Trend & Fall by 75% to $2,000, Peter Schiff Warns

At the time the model was published, analysts were calling for BTC to resume its uptrend to fresh all-time highs beyond $20,000. But, as you likely well know, BurgerCrypto’s machine learning-based model turned out to be correct, with BTC falling as low as $7,700 earlier this month as bear pressure mounted.

What’s interesting is that the same trend-centric model shows that Bitcoin is poised to return to a five-digit price point.

Bitcoin Price to Head Higher

The model in question…

[ad_2]

Source link

Tags:
, , , , , ,