What Does AI Program ChatGPT Say About the Future of Bitcoin?
When Will the Bitcoin Bullrun Begin?
Bitcoin has been making impressive strides in recent days, reigniting optimism in the cryptocurrency market. Social media platforms are filled with various predictions about the future of Bitcoin.
To get an answer to when the next bullrun will start, let’s turn to ChatGPT, an advanced artificial intelligence program. According to ChatGPT, several factors need to be considered when predicting the start of the next bullrun. These factors include crypto adoption, institutional interest, regulations, macroeconomic developments, historical trends, and technological advancements.
One crucial factor is the upcoming Bitcoin halving, which historically has marked the beginning of a bullrun. The next halving is scheduled for April 2024. If you want to learn more about what the Bitcoin halving entails, you can read our detailed guide here. ChatGPT also predicts that institutional investors will play a significant role in the next bull market.
“Institutional investors, such as hedge funds and large companies, are beginning to show interest in Bitcoin. Increased institutional interest can lead to higher demand and a rising price.”
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According to ChatGPT, Bitcoin exchange-traded funds (ETFs) have been making headlines in the crypto news recently. There is much hope in the market that the US regulators will approve a Bitcoin ETF in the coming months. The introduction of a Bitcoin ETF would likely elevate institutional demand to new heights.
How High Can the Bitcoin Price Rise?
But how high can the Bitcoin price climb during the next bullrun? If Bitcoin follows its historical trend, it could triple its previous peak and reach a price between $180,000 and $200,000.
“If we look at the growth from the peak of 2017 (around $20,000) to the peak of 2021 (over $60,000), Bitcoin roughly tripled its previous record. If we apply a similar multiplier to the peak of 2021, the next peak could be between $180,000 and $200,000.”
However, it’s important to note that ChatGPT acknowledges that this prediction is highly speculative. Additionally, ChatGPT is a language prediction model that learns from historical text data to make predictions about what is likely to come next in a given text fragment. Therefore, it’s advisable to take this prediction with a grain of salt.