The cryptocurrency market is fluctuating as it has not yet determined its direction. With a high percentage of prediction accuracy, the CoinMarketCap crypto community predicted the price of Bitcoin (BTC) and Shiba Inu (SHIB) for the month of February.
Crypto community sets Bitcoin price for February 28, 2023
Bitcoin (BTC) investors are encouraged by the encouraging macroeconomic data in 2023. That is why many are hoping that the leading cryptocurrency will continue to rise in February. Interestingly, the machine learning algorithm system using AI technology predicts the price of Bitcoin to be $24,342 by the end of February. Meanwhile, according to data collected on Feb. 6, votes cast by CoinMarketCap users predict that Bitcoin will change hands on Feb. 28, 2023 at an average price of $20,254. If the crypto community’s predictions come true, it means that by the end of February, the price of Bitcoin will drop by 11.44% from its current value.
Social Bitcoin price forecast for February 28, 2023 / Source: CoinMarketCapConsidering the performance of the crypto community’s forecasts for the previous six months, the BTC price has historically been 75.55% accurate, and January’s accuracy was 83.88%.
Bitcoin prediction has 75% historical accuracy / Source: CoinMarketCapAt press time, the price of Bitcoin was trading at $23,011, down about 0.4% in the last 24 hours. Bitcoin bounced back below $23,000 and hit lower highs on hourly timescales. This may justify those who predicted a massive BTC price drop.
Crypto community sets SHIB price for February 28, 2023
Meme coin Shiba Inu (SHIB) has made significant gains recently, outperforming assets like Bitcoin. With the overall market rally starting to cool off, SHIB’s next trajectory is an area of focus if the token can manage gains or be overwhelmed by overall sentiment.
Despite the impressive gains, the CoinMarketCap crypto community predicts that the Shiba Inu will likely face bearish in the coming days. According to data obtained on February 6, votes from 1,465 community members using the price prediction feature indicate that SHIB will likely be trading at an average of $0.00001157 on the last day of this month. The price estimate represents a roughly 20% reduction from the SHIB’s price at press time. Conversely, according to the machine learning algorithm at PricePredictions, SHIB will likely trade at $0.000011 on February 14, 2023.
SHIB social average price forecast / Source: CoinMarketCapAt the same time, the community calculates the average accuracy rate for the sixth month at around 77% when estimating the price of SHIB. As of January 2023, the community has recorded an accuracy rate of approximately 90%.
SHIB social prediction accuracy / Source: CoinMarketCapRally potential of SHIB price
Community price predictions as well as technical analysis suggest that SHIB may be next for a possible price breakout. Crypto analyst Ali Martinez suggests that the cryptocurrency is poised for a bull pennant eruption that positions the asset to target the $0.017 level. While the altcoin’s price increase is due in part to the overall market momentum, SHIB is gaining support from increased network activity. As you follow on Kriptokoin.com, the upcoming layer 2 scaling solution called Shibarium is expected to drive network and price growth.
Also, the Shiba Inu is witnessing increased activity from the burning front, with the initiative aimed at reducing the supply of SHIB and ultimately affecting the price. In this line, the developers of SHIB announced that every transaction on the Shibarium network will cause the token to be burned. However, at the moment, the exact date of the Shibarium update is unknown.
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