Daily Bitcoin Price Prediction

This page analyzed data at 9/5/2022 7:53:46 AM UTC-0, and samples 365 days to determine standard deviation. The price at time of calculation was 19733.06. High and low values are determined by standard deviation relative to the previous daily close of 20003.47. The daily low is 19683.96 and the daily high is 20054.83.

Note that this data is purely statistical and does not factor external catalysts.

Daily Outlook

The daily standard deviation percentage is 2.45%. There is a 32% chance for a high of 20494.38 or a low of 19512.56 and a 5% chance for a high of 20985.29 or a low of 19021.65.

Midterm Forecast

Over the next 45 days there is a 32% chance of a low of 16710.35, a 5% chance of a low of 13417.23, a 32% chance of a high of 23296.59, and a 5% chance of a high of 26589.71.

Bitcoin Price Analysis (Updated May 9th 2020)

Bitcoin is in a period of high capitulation, with prices down around 37% since March highs and 56% from all-time highs. So how should you react to this market? We've analyzed current trends and historical prices to provide insight into what might be next.

At the time of publication, Bitcoin's price has touched lows not visited since July of 2021. From January to February and May to July 2021, the price ranged between $28,000 and $40,000. Increased downward movement may occur if the price fails to hold above $28,000. In addition, liquidation events may yield high volatility.

External Factors

The current cryptocurrency market appears to correlate with the US stock market. Strong movements in the S&P 500 align directly with Bitcoin's price. However, rising interest rates and the ongoing conflict in Ukraine appear to dampen bullish trends.

Expect most major cryptocurrencies to follow Bitcoin's price action due to their high correlation with the asset. Watch Bitcoin's movement to prepare for alt-coin breakdown or recovery.

What to do?

High-risk projects are least favorable in this environment. Add to positions in proven L1 and L2 blockchain technology that you feel have strong future growth potential. Be prepared for short to medium-term unrealized losses. If prices hover within this range for an extended period, watch for trends in the cryptocurrency space. New projects (such as the DAOs of 2021) may provide outsized value in the event of a recovery.

How are you engaging with the current market conditions? Engage with us on Twitter @miroknowscrypto with your thoughts.