Forecasting Bitcoin Prices Using Deep Learning for Consumer-Centric Industrial Applications

As cryptocurrencies become more popular as investment vehicles, bitcoin draws interest from businesses, consumers, and computer scientists all across the world. Bitcoin is a computer file stored in digital wallet applications where each transaction is secured using strong cryptographic algorithms. It was challenging to forecast the future price of bitcoin due to its nonlinearity and extreme volatility. Several recent classic parametric models have been found with limited accuracy. To address the limitations and fill the existing research gaps, there is a need for a good prediction model which will provide the desired accuracy in the case of uncertainty and dynamism. This research suggested a deep learning-based framework for predicting and forecasting Bitcoin price. The research will be helpful for worldwide consumers and industries to take their decision on whether to invest or not. The research utilizes Yahoo! finance dataset for the period of 01-03-2016 to 26-02-2021 having 1828 samples. The experimental outcomes of the proposed Long Short-Term Memory (LSTM) model outperformed similar deep learning models by securing minimum loss and confirming that it can be used for future price prediction of the cryptocurrencies, which is helpful for the buyer to take their decision.