Due to the soaring interest in artificial intelligence (AI) sparked by the launch of ChatGPT, similar platforms have demonstrated their own utility, including Google Bard, which has shown remarkable capability to analyze trends in the cryptocurrency industry and assets like Bitcoin (BTC).
Considering that Bitcoin has started to consolidate its gains from the previous weeks and is now back in the higher $ 35,000 zone, Finbold has consulted Google Bard for insights on the possible price of the flagship decentralized finance (DeFi) asset at the start of 2024.
Bard’s estimations for Bitcoin
As the AI chatbot pointed out, a “potential price range for Bitcoin at the start of 2024 could be between $40,000 and $60,000,” which “reflects the possibility of a moderate price increase due to approaching halving, growing institutional interest, and ongoing network developments.”
That said, Bard still warns that this is just a potential price range, and the price of the maiden cryptocurrency at the start of 2024 could be higher or lower, so conducting thorough research and exercising caution before making any investment decision is crucial.
Factors at play
As the AI platform pointed out, a number of factors could influence the price of Bitcoin at the year’s turn, including its historical price movements that have witnessed significant fluctuations throughout its history, reaching an all-time high (ATH) of nearly $69,000 in 2021 but declining massively to its current level.
Additionally, the approaching halving in April 2024 “is a significant event that could positively impact the price,” according to Bard, who added that “halving reduces the reward for mining Bitcoin, potentially leading to a decrease in supply and an increase in demand, which could drive up the price” as shown before.
Furthermore, the chatbot noted the “strong and passionate community of users and supporters who believe in its potential as a decentralized and transformative technology,” which could give way to Bitcoin’s long-term price appreciation.
On top of that, “institutional investors, such as hedge funds and large corporations, have shown increasing interest in Bitcoin, recognizing its potential as a hedge against inflation and a store of value,” which could further boost the price of Bitcoin, according to Bard.
Finally, the chatbot pointed out the “ongoing developments on the Bitcoin network, such as the implementation of the Lightning Network for faster and cheaper transactions,” that “could enhance its scalability and usability, potentially attracting more users and driving up demand.”
Bitcoin price analysis
As things stand, the price of Bitcoin at press time stood at $35,832, down 1.78% on the day but still holding onto the modest gain of 1.48% across the previous week and a more significant increase of 29.06% on its monthly chart, according to the latest data on November 15.
All things considered, Bitcoin is in a position to reach the price range set by Google Bard, particularly in the growing anticipation of the next halving event, wider acceptance in the mainstream, increasing institutional attention, and the expanding utility of its network.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/google-bard-predicts-bitcoin-price-for-start-of-2024/