Given the recent turbulence of Bitcoin’s value in recent months, it is easy to succumb to hype and objection heresay from speculative sources. Often, many may lose sight of the simple fundamentals that lend credibility towards an asset’s valuation. With this in mind, the topic for today addresses a more technical method for speculating projected price.
Enter the Prophet package in Rstudio, developed by the Facebook Core Data Science team. Prophet aims to streamline the forecasting process by implementing a regression model that fits non-linear trends with seasonality and holiday effects. This technique can be applied to daily, monthly, and yearly price prediction for such assets like crypto currency and securities.