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The price of Bitcoin surged almost 5% following the release of the latest inflation figures on Tuesday. The CPI report came in lower than expected, leading to investors believing that the US Federal Reserve would slow the pace of interest rate hikes this week.
The CPI report allowed Bitcoin to climb back toward $18,000 as it sits at $17,800 ahead of the FOMC announcement of the next wave of interest rate hikes.
With BTC starting to look optimistic, traders are wondering where it is heading next. One tool, in particular, can help traders predict price movements for Bitcoin with incredibly high accuracy – upward of 60%.
The latest inflation data observed from the CPI report suggests that the previously prevailing inflation rate might be starting to show the first signs of fading. The Consumer Price Index (CPI) rose just 0.1% from the previous month and increased 7.1% from a year ago. This came in below the estimated 0.3% and 7.3%, respectively.
With prices rising less than expected in November, optimism is starting to be injected back into the cryptocurrency sector as traders expect the US Federal Reserve to pivot from the extreme 75 BPS rate hikes experienced over the past few meetings. Instead, traders are now expecting the Fed to hike by 50 BPS, with some even considering a 25 BPS is possible.
Not only the crypto markets are feeling the increased optimistic sentiment. Stocks initially soared following the release of the CPI figures, with the Dow Jones surging more than 800 points and the S&P 500 climbing as much as 4%.
At the same time, Bitcoin surged higher to hit the resistance at $17,800;
With the market approaching $18,000, many traders wonder where the number-one-ranked cryptocurrency might head next.
Analysts agree that a 50 BPS hike should let BTC break $18,000 and head above $19,000. A lower interest rate hike of 25 BPS could potentially send the market soaring back above $20,000.
Although analysts are incredibly bullish, they’re often inaccurate about BTC price predictions due to the insane volatility. However, one price prediction tool can tell you where Bitcoin is heading over the next hour with an accuracy percentage of over 60%.
Meet Exorde Index.
Exorde Index is a platform that provides highly accurate price predictions for Bitcoin and a handful of other top-ranked cryptocurrencies. The Exorde Index trains its prediction models from a plethora of data scraped from the internet to provide an evaluation of crypto prices over the next hour.
The entire idea of the Exorde Index is to provide accurate price predictions and sentiment analysis to allow traders to become consistently profitable by making better trading decisions.
Exorde decentralized community acts as a major strength in collecting & analyzing large volumes of data, whereas logic would have hinted that decentralized communities would be less optimal when compared to centralized competitors.
The Exorde Protocol allows developers to take public information from the web and process that information in a decentralized data pipeline that gives output data graphs, linking all similar data and facts together. The tool allows for scraping public information from social media posts, press articles, news reports, analysis articles, photos, and videos.
Exorde shines in real-time data collection thanks to its far-reaching network and community, processing millions of social media posts daily.
The protocol has various potential use cases, from filtering out fake news to hunting for the best upcoming NFT drop. However, one of the key features is providing highly accurate BTC price predictions through the Exorde Index.
The Exorde Index has a range of features, including price predictions, sentiment tracking, real-time web trends, and worldwide data.
Alongside the highly accurate Bitcoin price predictions, the platform offers a system to track the sentiment of crypto assets across the entire web. The data scraped from the Exorde Protocol takes information from social media to assess the future direction of prices based on market sentiment.
The protocol uses Natural Language Processing (NLP) technology to break down the content and assess the sentiment within social media posts. The NLP technology can distinguish between a range of human emotions based on language patterns, then uses that information to develop a BTC price prediction.
The sentiment tool allows users to understand the current sentiment across a range of coins to be more informed of where the industry is heading next. If the sentiment is fearful, it can be expected that prices will be heading lower. Conversely, if the sentiment is optimistic, it can be expected that prices will be heading higher.
Currently, the sentiment tool provides outputs over 28 different trading moods;
The great thing about Exorde Index is that the decentralized model allows data collection to be incredibly fast, allowing them to come up with real-time data analysis across a range of topics. Furthermore, the data isn’t restricted to one geographical location or language. Instead, Exorde can scrape data from all languages, meaning the sentiment analysis provided is a worldwide overview of the crypto market.
Exorde Index provides highly accurate price predictions for Bitcoin over the next hour. Next, they want to expand the time horizon to over the next day and include a range of other cryptocurrencies, including Ripple, Ethereum, and Dogecoin.
The team has plans to release a unique decision support tool specifically targeted toward traders. The tool will provide price fluctuations for each token and sentiment data to help traders make more informed decisions. Furthermore, one of the tool’s best features is its ability to alert traders when specific fundamental events occur within the market.
For example, if a Tweet goes viral and causes the price to move substantially, the decision tool will alert the trader about the tweet and allow them to make a trading decision.
Exorde has raised $2.5 million for its native token EXD. The utility token was mentioned as one of the top 7 cryptocurrencies to watch by CoinList and is backed by some high-profile investors, including Gate.io Labs and Insignius Capital.
Overall, the Bitcoin price prediction tool from Exorde Index is extremely powerful and will help traders become more consistently profitable in their trading. The upcoming features for the tool are expected to take the platform to another level by introducing more utility and metrics for traders to analyze.
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