Cryptocurrency

2024

Bitcoin

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 <p class="paragraph">Although Bitcoin (BTC) is back above the $44,500 price mark for the first time since the start of the exchange-traded fund (ETF) hangover retrace, machine learning and artificial intelligence (AI) algorithms are not certain that it would retain the current bullish momentum by this Valentine’s Day.</p>
 <p class="paragraph">Indeed, the advanced AI algorithms deployed by cryptocurrency and stock analytics platform <em>CoinCodex</em> see the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of the maiden crypto asset in decline for the next month, setting it at $43,182 on February 14, 2024, which would suggest a 3.41% loss compared to its current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> on February 8.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/mVpsBMIwdVJ37u44WlCDPe7YMvnFtyc6TMzc0qGYK0XhyOUheH_XXAvtpa8T5aIQBD2w78UNpcYkl_jxtYDs5Pb6skBZV5hMiRcLn7n9WvDBFyGrB_rJOsI4Aw9kIvg7Tkz9qIP_lwf5bS21yLkjE_4" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin 30-day price prediction. Source: </em><em>CoinCodex</em>
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 <h2 class="wp-block-heading" id="h-previous-valentine-s-days">Previous Valentine’s Days</h2>
 <p class="paragraph">Historically, the previous Valentine’s Days were a mix of bearish, bullish, or middle-road movements for Bitcoin, with February 14, 2017, seeing it changing hands at the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $1,004 – in pretty much the same sentiment as in the days leading up to it but igniting an increase toward the month’s end.</p>
 <p class="paragraph">That said, the following year’s Valentine’s Day was exceptionally bullish for the flagship decentralized finance (DeFi) asset, which witnessed an increase to $9,495, moving further up in the days after February 14, 2018, according to historical data.</p>
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 <p class="paragraph">On the other hand, the Feast of Saint Valentine in 2019 saw a massive drop in the value of Bitcoin, which traded in roughly the same <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> range during the entire month of February – recording a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $3,603.37 on February 14, 2019, as per the information retrieved by Finbold.</p>
 <p class="paragraph">The next year’s celebration of love saw the maiden crypto asset climbing to a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> nearly 190% higher than the last year’s, reaching a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $10,356, which indicated a slight increase compared to the weeks leading up to it, but suffering a decline by the end of February.</p>
 <h2 class="wp-block-heading" id="h-breaking-the-record">Breaking the record</h2>
 <p class="paragraph">As for 2021 – a record-breaking year for Bitcoin – the largest asset in the crypto industry by market capitalization traded at $48,633 on February 14, 2021, recording an increase from $36,000 from the month’s start to $57,000 in the days that followed, racing to its all-time high (ATH) of $69,045 in November.</p>
 <p class="paragraph">However, Bitcoin slowed down its gains again in 2022, recording only mediocre performance on February 14, 2022, compared to the days before – $42,739 – as well as declining in the weeks that followed, but ending the month on a bullish note in the area above $43,000.</p>
 <p class="paragraph">Finally, the famous crypto asset was changing hands at the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $22,221 on Valentine’s Day 2023, recording a modest increase before and after, as it moved to recover from an especially poor performance in late 2022, exacerbated by the collapse of the crypto exchange FTX in November.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As things stand, the price of Bitcoin currently amounts to $44,708, which indicates an increase of 3.65% in the last 24 hours, as well as a 6% gain across the previous seven days, whereas, on its monthly chart, it is recording a decline of 4.06%, as per data on February 8.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/cj3qOslig6_Hx5rQNq6IplBPVP0sWIY1sLKTmhlCu9pnBfSTMdwUkdEX0gY8m6Y88AMbWeU3Vfqqr0IRN9mqd-AlCWl_v8-kHlW5ELfs3AO9LDd8gbabxzSovFdmiDI3WCHVXeWDexLapn7Luiw_fY8" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin 7-day price chart. Source: </em><em>Finbold</em>
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 </figure>
 <p class="paragraph">All things considered, Bitcoin could, indeed, drop to the price range set by the AI algorithms, but such a decline would likely represent a temporary setback as the original cryptocurrency moves toward its next halving in April, which many experts believe would trigger a massive rally.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ai-sets-bitcoin-price-for-valentine-s-day-2024-tbt79251.html">https://thebittimes.com/ai-sets-bitcoin-price-for-valentine-s-day-2024-tbt79251.html</a></p>

AI sets Bitcoin price for Valentine’s Day 2024

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