Solana (SOL) was the leading name in the cryptocurrency market when it came to New Year’s earnings. Still, low volume and investor apathy suggest sideways movements will continue for a few more months. In this article, let’s take a look at what levels the machine learning algorithms at PricePredictions expect for SHIB, Bitcoin and XRP by the end of January.
Machine learning algorithm SHIB releases January forecasts for Bitcoin and XRP
As the legal battle between Ripple and the SEC enters its third year, the crypto community is turning to indicators to predict the future price of XRP. Notably, machine learning algorithms on crypto tracking platform PricePredictions predict the XRP price to be $0.339721 on January 31, 2023. XRP price is currently trading slightly higher than this level at $0.3429. According to the algorithm, we will see a lower XRP towards the end of the month.
In terms of whale activity, XRP experienced heavy accumulation towards the end of 2022. It is breaking records by increasing the percentage of supply held by whales to 7.23%. It was currently increasing the number of these addresses to 1,617.
In his expert comments, Michaël van de Poppe suggested that XRP faced fierce resistance at the $0.37 level. Based on recent price movements, he reported that he expects XRP to retrace the $0.343 level relatively quickly. The crypto analyst stated on January 2 that he would like to see XRP hold $0.33 before an upside rally.
Lastly, on Ripple, although there is still no resolution in the litigation process, the decision of the lawsuit is expected to ultimately affect XRP’s prospects. For example, if the case is settled in favor of the Blockchain company, investors may feel more optimistic about the future of XRP.
Algorithm pessimistic about SHIB, but community disagrees
The Shiba Inu (SHIB) finished 2022 by returning the gains of the 2021 bull run. Overall, SHIB price followed a similar momentum as events like the FTX crash affected investor confidence. However, the machine learning algorithm predicts that SHIB will extend the downtrend until January 2023. According to the forecast, SHIB price will likely trade at $0.000008036 on this date. The estimate represents a decrease of approximately 1% from the price of SHIB at the time of publication.
Meanwhile, CoinMarketCap’s community survey reveals more optimistic results than its machine learning algorithm. According to the community, SHIB will likely trade at an average of $0.00001102 on January 31, 2023.
Meanwhile, the Shiba Inu’s performance is highly dependent on overall market movements. It will also depend on increased network activity such as the accelerated token burn rate aimed at improving the utility of SHIB. Significantly, the SHIB price failed to replicate the impact of network activity, although the token remained popular despite its failure to recover. Along this line, Shiba Inu was among the top three most-watched cryptos for 2022 on Binance.
Will Bitcoin (BTC) recover $17,000 by the end of January?
Bitcoin finished 2022 lower, correcting over 70% from its November 2021 peak. As such, its performance in early 2023 continues to attract the attention of investors who think that Bitcoin continues to harbor a sustained horizontal pattern. In line with this, machine learning algorithms predict that Bitcoin will fall as low as $15,532 on January 31, 2023. The price prediction represents a drop of about 7% from the current price of Bitcoin.
According to the 30-day forecast, Bitcoin will likely continue to drop in the first month of 2023. However, the algorithm predicts that Bitcoin could potentially trade at $16,407 on the first day of 2023.
Bitcoin’s price action in recent days has shown that both bulls and bears have failed to make a hard move in either direction. Commenting on the recent price action, Kitco News analyst Jim Wycoff says investors are expecting a spark in Bitcoin price:
Investors are waiting for a spark to ignite the price action during this quieter holiday period. Neither the bulls nor the bears have a short-term technical advantage, suggesting narrower, sideways moves in the coming days.
What awaits the Bitcoin, SHIB and altcoin market in 2023?
After a turbulent 2022, crypto players offered various views on Bitcoin’s outlook in the new year. For example, David Kemmerer, CEO of CoinLedger, believes that Bitcoin will correct further in the first half of 2023 under the influence of the FTX crash. As Kriptokoin.com, we have included the expectations of a large staff of analysts in this article.