After OpenAI presented its text-based artificial intelligence (AI) tool ChatGPT, it has become all the rage lately, thanks to its ability to generate responses to users’ queries very close to those of a real human, covering a wide range of topics.
Indeed, global Google searches involving the keyword ‘ChatGPT’ have spiked in January, with China ranking as the region with the highest search interest in the platform, whereas the United States isn’t among countries recording increased demand.
As it happens, one task in which ChatGPT might be exceptionally useful, is gathering and presenting to users the predictions of possible price movement ranges of digital assets on the cryptocurrency market, such as Bitcoin (BTC).
With this in mind, Finbold has asked the ChatGPT chatbot to share expectations concerning the price movements of Bitcoin in 2023 and toward its end, using indicators such as historical data, price chart patterns, and technical analysis (TA) gauges.
What did ChatGPT say?
Interestingly, ChatGPT admitted that “it is impossible to predict the exact price of Bitcoin by the end of 2023, as the cryptocurrency market is highly volatile and unpredictable.” That said, it did present bullish expectations of Bitcoin, citing historical data, charts, and gauges:
“However, based on the chart patterns, gauges, and previous data available, it is likely that Bitcoin will trade within a range of $50,000 to $100,000 by the end of 2023.”
Interestingly, the projections of the AI-powered platform are in line with predictions of Bitcoin enthusiasts who believe that the flagship decentralized finance (DeFi) asset is well on its way toward wider adoption and an increased price in 2023.
When it comes to longer-term predictions, i.e. by 2030, ChatGPT didn’t offer any specific numbers, citing high market volatility and government regulations, but acknowledged that “Bitcoin will likely become more widely accepted, and its value will continue to rise.”
Bitcoin price analysis
Meanwhile, Bitcoin’s price at press time stood at $21,256, recording an increase of 0.30% on the day, as well as growing 21.91% across the previous seven days, and adding up to the cumulative gain of 26.92% on its monthly chart, as per the data retrieved on January 18.
With its recent movements, the flagship digital asset is on the brink of breaking a historical record, extending its trajectory to a 14-day winning streak and demonstrating one of the longest periods of consistently positive price movement in its history, as Finbold earlier reported.
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Source: https://finbold.com/bitcoin-price-prediction-for-2023-heres-what-chatgpt-projects/