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Analysis

This paper addresses the challenge of Bitcoin price volatility by incorporating global liquidity as an exogenous variable in a TimeXer model. The integration of macroeconomic factors, specifically aggregated M2 liquidity, is a novel approach that significantly improves long-horizon forecasting accuracy compared to traditional models and univariate TimeXer. The 89% improvement in MSE at a 70-day horizon is a strong indicator of the model's effectiveness.
Reference

At a 70-day forecast horizon, the proposed TimeXer-Exog model achieves a mean squared error (MSE) 1.08e8, outperforming the univariate TimeXer baseline by over 89 percent.