Research Article
Forecasting of Bitcoin Cryptocurrency Price using the Autoregressive Integrated Moving Average (ARIMA) Method
@INPROCEEDINGS{10.4108/eai.3-11-2023.2347905, author={Nella Cornelya and Dian Cahyawati and Ning Eliyati and Robinson Sitepu and Eka Susanti and Novi Rustiana Dewi and Putra Bahtera Jaya Bangun}, title={Forecasting of Bitcoin Cryptocurrency Price using the Autoregressive Integrated Moving Average (ARIMA) Method}, proceedings={Proceedings of the 3rd Sriwijaya International Conference on Basic and Applied Sciences, SICBAS 2023, November 3, 2023, Palembang, Indonesia}, publisher={EAI}, proceedings_a={SICBAS}, year={2024}, month={8}, keywords={arima bitcoin cryptocurrency forecasting}, doi={10.4108/eai.3-11-2023.2347905} }- Nella Cornelya
Dian Cahyawati
Ning Eliyati
Robinson Sitepu
Eka Susanti
Novi Rustiana Dewi
Putra Bahtera Jaya Bangun
Year: 2024
Forecasting of Bitcoin Cryptocurrency Price using the Autoregressive Integrated Moving Average (ARIMA) Method
SICBAS
EAI
DOI: 10.4108/eai.3-11-2023.2347905
Abstract
Bitcoin is a type of cryptocurrency that has the largest market capitalization as a digital investment tool. Bitcoin prices often fluctuate, making it necessary to forecast in order to help investors in predicting the profit of their digital investment. One of the methods that can be used for predicting the price of Bitcoin based on the daily preices is Autoregressive Integrated Moving Average (ARIMA). The aim of this research is to create the best ARIMA model and predict the current price of Bitcoin. The data used in this research is secondary data obtained from websites supervised by the Commodity Futures Trading Supervisory Agency starting from January 1, 2023 to September 30, 2023. The research results show that the ARIMA model (0,2,1) provides a MAPE value of 3.17%, which means the ARIMA model's forecasting ability is very good.