AI vs. crypto traders: Who predicted Bitcoin price better?
The use of Artificial Intelligence (AI) for price predictions is growing in popularity in the cryptocurrency market. With that in mind, the GNY Range Report team decided to test whether its model could make better predictions than crypto traders. GNY Range Report uses technical analysis indicators to generate price range predictions for cryptocurrencies with a machine-learning LSTM model. Results were shared on November 2 on the project’s website. For the mentioned test, the team launched a Bitcoin (BTC) price prediction competition to forecast BTC’s price closure on October 27. In this contest, crypto traders made different guesses daily from October 23 to October 25. There was a total of 206 predictions, of which 56 had a higher accuracy than the 3% observed from the artificial intelligence. This means that 56 traders predicted a price within a 3% variation from the final result. Cryptocurrency Machine learning algorithm sets ETH price for November 30, 2023 ...