While Bitcoin (BTC) experienced a significant rally in the second half of October, it has so far failed to stay above the coveted price of $36,000 despite rising above it on several occasions in the previous week.
Many other cryptocurrencies have performed similarly having risen significantly in recent days but mostly plateauing since the beginning of November.
In turn, Finbold decided to consult OpenAI’s predictive language model – ChatGPT – on whether the Bitcoin bulls or bears have a stronger case and just where the world’s largest cryptocurrency might be on January 1, 2024.
When asked what the price of BTC at the beginning of the next year might be, ChatGPT quickly pointed out that while it isn’t very likely, the world’s foremost cryptocurrency doubled since January 1 and may do so again in the next two months.
It, however, also highlighted that there are many complexities when trying to determine the future prices of cryptocurrencies and laid out several major points to consider.
ChatGPT addresses Bitcoin bulls and bears
When addressing bullish arguments, OpenAI’s flagship product specifically mentioned the current bullish market sentiment, the fact that we are in an uptrend, and the upcoming Bitcoin halving.
Its arguments in favor of bears were somewhat less specific. ChatGPT mentioned the ever-present danger of a government crackdown, the possibility of some sort of a scandal involving Bitcoin, or an overall loss of investors amid an economic downturn.
Considering that the Securities and Exchange Commission (SEC) and other government agencies have been on a losing streak recently in their battle against various actors in the cryptocurrency industry, a major crackdown before January 1 does not appear likely.
ChatGPT may, however, have a point in mentioning the danger of the loss of interest due to a broader downturn due to the precarious situation the economy has been in throughout 2023.
ChatGPT lays out three main scenarios
When prompted to estimate the likeliest prices for Bitcoin on January 1, 2024, ChatGPT offered three possible outcomes – a bullish scenario, a bearish scenario, and a stable scenario.
We also prompted the AI to tell us which price is considered the most likely given the developments in the crypto market throughout 2023. Surprisingly, it turned out that its stable scenario is not only the most likely but also slightly bullish itself – a range between $40,000 and $50,000.
ChatGPT also expressed its assessment that even the worst-case scenario will not see Bitcoin below $25,000 on January 1. It, however, also does not believe it can go above $60,000 within the next two months.
Bitcoin price analysis
No matter what the future may hold for BTC, the cryptocurrency is standing at $34,723 at the time of publication meaning it has risen 0.75% over the previous 24 hours. It has also performed rather well over the last 5 days and it is up a total of 0.77%.
Despite the positive news and the overall expectation that the US might finally soon get its first spot BTC exchange-traded fund (ETF), it is noteworthy that Bitcoin has so far failed to stabilize above $35,000 – despite rising over it on several occasions in the past weeks – leaving some room for speculation on whether the bulls or the bears have the stronger case at the moment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
