It has been a while since I did some coding exercises.
I came across this medium article on the use of Monte Carlo simulations to predict Bitcoin prices and decided to give it a try while also adapting it to my use.
If you are interested in the code to run the Monte Carlo simulations, please refer to the medium article above. In this article, I will share what I have done and adapted for my own use.
For those who are unfamiliar with Monte Carlo simulations, it is basically a forecasting technique used to produce a set of extreme outcomes based on statistical data. I have shared the use of Monte Carlo simulations in several articles before (for instance, in the area of retirement)
In this particular coding exercise, here are the steps (in layman terms) I took to create these Monte Carlo simulations on the price prediction of SPY (S&P 500 ETF)...