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This App is Trying to Predict the Bitcoin Bubble Bursting Using AI
A provocative new app, Bitcoin Bubble Burst**, promises to keep its users ahead of what seemingly everyone, at some point, has predicted: the bitcoin apocalypse when prices plummet. Can vaunted artificial intelligence and neural networks produce predictive models useful enough to save fortunes? **
Also read: Reddit’s /r/btc Reaches 100,000+ Subscribers
Predicting a Coming Bubble Burst
“The idea came from discussions we had inside the team about whether the bitcoin bubble will burst soon, or will the value keep rising,” Saad El Hajjaji, one of the team members, told Digital Trends. “Since it’s a topic that many people are interested in, we thought it would be good to try and predict the changes before they take place, so that you always stay in the loop.”
Bitcoiners are stocked up on a variety of price tickers, using exchanges from all over the world. These apps can tell what the price is but offer scant help in what the price might be in the future. And with the notorious volatility swings, some in the space are probably starting to get nervous as to the best time to exit.
What many newer investors have trouble understanding is an inverse reciprocity to trading. For every bitcoin purchased, unless mined, someone is willing to sell. Each is communicating. And while there’s no process to fully divine what someone on the other end of that transaction might be thinking, it’s fair to assume time preferences are different.
Depending upon goals and desires, it’s hard to exactly tell who comes out on top in the end. For most observers, the metric is future price. If it goes up and fails to retrace, the purchaser won. If the opposite happens, of course, the seller escaped disaster. A bubble happening, a massive sell-off, might not be all that bad for longer-term investors. In fact, some might see it as a discounted buying opportunity.
AI, Machine Learning, TA
Technical analysis (TA) has its own vocabulary, and learning its ins and outs can be headache inducing. It also hasn’t produced much, arguably being no better than chance when it comes to sussing out market vagaries.
Nevertheless, Bitcoin Bubble Burst is a mobile app linked to users’ email (they’re working on SMS), and it purports to rely on artificial intelligence, machine learning – bots it claims – to scour social media, exchange data etc, aggregating information in order to predict a coming burst in bitcoin’s price.
Other apps in the space function as basic price alerts. Products such as Bitcoin Checker, Bitcoin Ticker Widget, Blockfolio Bitcoin, and Bitcoin Price IQ, are just a few already tested and working. Set certain targets, and alarms will ring on your phone when they’re hit.
“Bitcoin Bubble Burst’s creators are careful about the nature of the alerts they send and allegedly won’t just send non-stop sell order advice,” reports Russia Today.
The app’s secret sauce is still tightly proprietary, under wraps. Exchanges referenced are not known. It appears to value Twitter chatter, according to reports, and that comes with its own challenges. The app’s public relations team’s usage of phrases such as “artificial intelligence” and “neural networks” are mental cocaine in times of crypto price panics. Just remember, bitcoin was frothy back in the thirty dollar price range, and managed to be both a bubble and undervalued at the same time, something a bot might not understand.
What are your thoughts on machine learning and AI predict price fluctuations? Let us know in the comments section below.
Images courtesy of Pixabay.
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The post This App is Trying to Predict the Bitcoin Bubble Bursting Using AI appeared first on Bitcoin News.
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