BitcoinAlthough it made a significant rally in the second half of October, it failed to stay above $36,000 for very long despite several attempts last week. While the rest of the crypto market performed similarly, the general trend remained more towards consolidation.
Answering the question of what the BTC price could be at the beginning of next year, ChatGPT stated that although it seems unlikely, the price could double since January 1 and repeat this in the next two months. Although this “ambitious” prediction is remarkable, ChatGPT underlined that there are many factors that could hinder the possibility of this happening.
ChatGPT Bitcoin prediction In particular, it highlights the upward trend in current sentiment and the upcoming halving. The arguments in favor of the bears focus on different details. ChatGPT is also factoring in the ever-present danger of a government crackdown, the possibility of some sort of scandal involving BTC, or a general investor loss in the midst of an economic downturn.
Who is More Successful in Cryptocurrency Forecasting? Traders Against Artificial Intelligence!
The U.S. Securities and Exchange Commission (SEC) and other government agencies have recently cryptocurrency Considering their losses in the fight against various actors in the industry, a major crackdown before January 1 seems unlikely.
However, ChatGPT may be right to talk about the danger of losing relevance due to a broader downturn due to the unstable state of the economy through 2023.
ChatGPT Suggests Three Possible Scenarios for Bitcoin
When asked to predict the most likely prices for Bitcoin on January 1, 2024, ChatGPT offered three possible outcomes. These are a bullish scenario, a bearish scenario and a stable scenario.
The AI was also asked which price was most likely given developments in the crypto market throughout 2023. Surprisingly, the stable scenario turned out to be not only the most likely, but also somewhat bullish. According to this prediction, Bitcoin price could settle in a range between $40,000 and $50,000.
ChatGPT also noted that even the worst-case scenario would not push BTC below $25,000 on January 1. The bullish scenario includes a more ambitious estimate of $60,000 and above.