Some 85% of traders who trade at least $1,000 a month in Bitcoin expect the level of trading they do in the cryptocurrency to increase in 2022, when compared to 2021.
This is according to new research from GNY, a blockchain based machine learning business that recently launched the GNY Range Report, providing some of the most accurate forecasts around Bitcoin volatility of any platform or service available today.
The study found that nearly half of traders (49%) expect their level of trading to increase dramatically, whilst only 10% said they expect it to stay the same as last year, and just 2% anticipate it will fall.
When it comes to how much more these serious traders expect to trade in Bitcoin in 2022, 39% anticipate they will trade at least $10,000 more, with nearly one in 20 expecting to increase trading by $30,000 or more
Why so bullish on Bitcoin trading?
This anticipated level of increased trading in Bitcoin can be partly explained by the optimism many traders have for the cryptocurrency’s valuation in 2022. Bitcoin is currently priced at around $36,000, and 62% of serious Bitcoin traders expect it to finish the year at over $58,000. Some 9% think it will be between $75,000 and $100,000 a coin, 10% say it will be between $100,000 and $125,000 and 4% expect it to finish the year with a high valuation than this. Just 15% believe it will be at $40,000 or more.
Cosmas Wong, CEO of GNY said: “Our research shows that Bitcoin traders are optimistic about the prospects for the cryptocurrency this year, and this helps explain why the vast majority expect to increase their level of trading. However, price volatility will remain, and traders will need to continue to expect huge swings in the valuation of Bitcoin. More are turning to tools such as our BTC Range Report to make informed decisions about future price volatility and as solutions here become more sophisticated and affordable, trading in Bitcoin will increase further.”
Extensive testing of the BTC Range Report has delivered a mean absolute percentage error (MAPE) of between 3% and 7% making it one of the most powerful BTC prediction tools in the market. The average of the majority of competitor BTC prediction tools tested by GNY was 10%, but it was as high as 17% for some platforms.
The GNY Range Report is not financial advice and should not be taken as that. It is not meant to predict future Bitcoin prices but can be used to track millions of data points to identify patterns in Bitcoin trading.
Today’s altcoin trader is tomorrow’s bitcoin trader
GNY believes that today’s altcoin traders will be tomorrow’s bitcoin traders. So to launch the BTC Range Report GNY entered into an exclusive partnership with CoinSniper which is widely regarded as the number one source for the best new cryptocurrency projects.
The BTC Range Report is the first of many ML-powered tools the company plans to release, as part of its forthcoming ML-marketplace, GNY Dataplace, which is launching next year.
GNY Dataplace will provide a structured and secure way to partner with collaborators on machine learning without sharing raw data, build custom ML solutions that can be licensed on the platform, and use GNY’s ML engines to monetize predictions of their own.
Written by: Stuart Fieldhouse
Originally published: January 27, 2022