Redditor launches a Telegram-based bot that predicts crypto prices
Investing and trading cryptocurrencies appeals to many because of its potential high returns, but it can also be challenging, especially if market conditions are unfavorable, leading a programmer to create a bot that can allegedly predict crypto prices.
As it happens, a Redditor known only by his username xk4rimxmade a post in TelegramBots subreddit on the popular social news and discussion aggregator site on June 2, declaring that:
“I made a bot that predicts cryptocurrency prices.”
How it works
In addition, the user attached a video to the post, illustrating the use of the “Crypto Predictor Bot”, and added in the comments that:
“The bot is hosted on a premium Heroku dyno and uses a Firebase database.”
By this, the user was referring to Heroku Dynos, which are the building blocks that power any app built on the cloud platform as a service (PaaS) Heroku. According to their website, “dynos are isolated, virtualized Linux containers designed to execute code based on user-specified command.”
Meanwhile, Firebase is a Google-backed cloud-based database that stores data as JavaScript Object Notation (JSON)—a lightweight format for data storage and transport—and syncs it in real-time to each connected client device.
The bot is very easy to use and describes all the instructions in the Telegram chat. For example, if you want to learn the Bitcoin (BTC) price prediction, you would type: “/pred btc d” and get an instant response in the form of a 1-day Bitcoin price prediction chart.
Predictions can also be made for other cryptos using their ticker symbols, as well as for other periods – weekly and monthly forecasts, by changing the “d” letter in the message for “w” for weekly prediction or “m” for monthly prediction.
In addition, the bot can also be used to generate a forecast of how many Ethereum coins (ETH) a Bitcoin will be worth in the next month, week or day.
Crypto trading bots
Using bots in the cryptocurrency sector is not a new concept. But while the creator of this bot promises that the product can predict crypto prices, other bots mainly serve to automate cryptocurrency trading.
In fact, as crypto trading becomes increasingly complex, such robots have become an important tool that experienced traders use to help them stay afloat in the sea of assets, some of which are highly volatile.
Examples of automated crypto trading robots include Coinrule, Pionex, and Bitsgap. They can be distributed in cryptocurrency exchanges such as Coinbase Pro and Binance, as Finbold reported.
