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Forecasting the Bitcoin Closing Price in Times of the Pandemic Using Box-Jenkins Methodology

In: Post-Pandemic Realities and Growth in Eastern Europe

Author

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  • Răzvan Gabriel Hapau

    (Doctoral School of Economics and Business Administration, West University of Timisoara)

Abstract

The epidemic has impacted every financial product, including the stock market, commodities market, and even cryptocurrency. The epidemic of COVID-19 has struck devastation on the economy. The recent decline in the bitcoin market should be regarded as a blip on the radar. Bitcoin is a decentralized digital currency that should be considered an asset class with a long-term growth forecast. In 2020, the most popular cryptocurrency, Bitcoin, has become a precious asset. When we look at Bitcoin’s previous pricing, we can see that it has increased by more than 500% in just 6 months. In this scenario, providing recent estimates for the closing price of Bitcoin shortly using the Box-Jenkins model for the period 2021–2022 becomes even more relevant. As a consequence of the five-step iterative approach, the empirical data indicated that the price of bitcoin is projected to rise shortly in both static and dynamic forecasts.

Suggested Citation

  • Răzvan Gabriel Hapau, 2022. "Forecasting the Bitcoin Closing Price in Times of the Pandemic Using Box-Jenkins Methodology," Springer Proceedings in Business and Economics, in: Silvia L. Fotea & Ioan Ş. Fotea & Sebastian Văduva (ed.), Post-Pandemic Realities and Growth in Eastern Europe, chapter 0, pages 387-406, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-09421-7_22
    DOI: 10.1007/978-3-031-09421-7_22
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