With the revival of interest in artificial intelligence (AI) set off by OpenAI launching its AI platform ChatGPT, such tools have shown the capability to provide insights into today’s markets, including the price of Bitcoin (BTC) after its halving in 2024.
Indeed, Finbold has asked ChatGPT for possible price ranges for Bitcoin following the halving event, during which the reward for mining the proof-of-work (PoW) cryptocurrency using crypto mining machines will reduce to half of what it is now.
Post-halving scenarios
According to ChatGPT, there are three possible, highly speculative, and very wide scenarios for the price of the decentralized finance (DeFi) asset after the halving in 2024 “because the cryptocurrency market is highly volatile and influenced by numerous unpredictable factors.”
Specifically, the AI tool’s optimistic case, “where Bitcoin experiences significant mainstream adoption, favorable regulatory developments, and increased institutional investment, the price could potentially reach anywhere from $50,000 to $500,000 or even higher by the end of 2024.”
On the other hand, ChatGPT’s pessimistic scenario sees “regulatory hurdles, security issues, or a general downturn in the cryptocurrency market,” which might send the price of Bitcoin into a range between $10,000 and $50,000 or lower by the end of 2024.
However, the moderate scenario by OpenAI’s tool could see the maiden crypto asset reach a price of somewhere between $30,000 and $150,000 by the end of 2024, provided the adoption and the general atmosphere in the crypto and macro sectors allow for such a turn of events.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $27,003, recording an increase of 1.84% in the last 24 hours and gaining 1.55% across the previous seven days as it moves to reverse the 1.2% decline from its monthly chart, as per data on September 29.
All things considered, as ChatGPT pointed out, the above trading ranges are very wide due to the volatility of this market, which is why it is important to carry out one’s own research and examine one’s risk tolerance before making any major investment decisions.
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/2024-bitcoin-forecast-by-chatgpt-insights-on-the-post-halving-future/