ChatGPT’s Prediction for Bitcoin’s 2024 Price and Factors at Play

In a recent conversation with the AI bot ChatGPT on December 29, insights were sought regarding the predicted trajectory of Bitcoin’s price in 2024 and the key factors influencing it.

After facing a challenging crypto winter in the previous year, Bitcoin (BTC) has staged a remarkable comeback in 2023. Its value has almost tripled since the start of the year, driven by eased macroeconomic pressures and improved market conditions, reigniting investor interest in the world’s largest cryptocurrency.

The spotlight remains on the eagerly awaited approval of the first spot exchange-traded fund (ETF) in the US, seen as a crucial catalyst for BTC’s resurgence. Additionally, the upcoming 2024 halving event adds another layer of anticipation, historically associated with significant price surges in Bitcoin.

According to ChatGPT, predicting Bitcoin’s future price is challenging due to uncertain factors. However, the AI tool acknowledged that the potential approval of a spot Bitcoin ETF and the upcoming halving event could be significant growth catalysts, contributing to supply-side dynamics.

“In this speculative scenario, considering positive market sentiment, heightened institutional adoption, and potential macroeconomic factors, Bitcoin could reach a peak of $85,000 to $100,000 in 2024,” replied ChatGPT.

This price range suggests a potential upside of 98%-133% from BTC’s current price. The primary drivers listed by ChatGPT include the continuation of the ongoing bull run, spot ETF approval by US regulators, market volatility, halving impact, and positive macro developments.

“The potential approval of a spot Bitcoin ETF could bring more institutional money into the Bitcoin market, potentially driving demand and prices,” added the bot.

While this prediction aligns with some of the most bullish forecasts on BTC’s price in recent months, ChatGPT emphasized the highly speculative nature of predicting crypto prices. The actual price of BTC may be influenced by a wide range of factors that are currently challenging to accurately foretell.

At the time of writing, Bitcoin was trading at $42,836, up 0.6% on the day, 13.2% on the month, and more than 157% year-to-date. It’s crucial to note that the content on this site should not be considered investment advice, as investing carries inherent risks.