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Sunday, July 21, 2024

We Asked ChatGPT How High Can Bitcoin Go During the Next Bull Market

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Bitcoin’s price has been on the move throughout the past 24 hours and managed to increase to around $28,000.

This comes on the back of millions worth of liquidated short positions and an increased trading volume across the board.

As the market sentiment betters, we decided to take the opportunity to poke ChatGPT’s artificial brains on a matter that many are curious about – how high can Bitcoin’s price get throughout the next bull run?

But before that, it’s important to answer another important question.

When Will the Next Bitcoin Bull Run Begin?

Before finding out about potential price targets, it’s worth understanding when will the Bitcoin bull run start in the first place.

There’s been a lot of speculation on this particular topic, but ChatGPT points out some important considerations to keep in mind when narrowing down the window for its start.

According to the AI, some of the most important factors to determine the beginning of the next bull run include:

  • Adoption and Use Cases
  • Institutional Investment
  • Regulation
  • Macro-Economic Factors
  • Technological Developments

That said, the elephant in the room is the upcoming Bitcoin halving, which has historically served as a relatively precise indicator and a precursor of an impending BTC bull run. It’s slated to take place in late Q1 or early Q2 in 2024.

How High Can Bitcoin’s Price Get?

ChatGPT speaks of multiple factors that will determine Bitcoin’s price during the next bull run, and one of them is the involvement of institutions.

Institutional investors, like hedge funds and large corporations, have started showing interest in Bitcoin. Increased institutional adoption can lead to increased demand and price appreciation.

Indeed, companies like MicroStrategy already own tremendous amounts of BTC, but many believe that institutional adoption is nowhere near the levels it could be if a spot Bitcoin ETF gets approved.

On that matter, the United States Securities and Exchange Commission (SEC) has recently delayed multiple applications for a spot Bitcoin ETF. Namely, the Commission delayed its decision on the filings of the likes of BlackRock, Valkyries, Invesco, and Bitwise.

Many hope that the involvement of BlackRock – the world’s largest asset manager – will finally lead to an approved spot Bitcoin ETF, but we have yet to see if that will happen.

Some very popular analysts have predicated their BTC price predictions on the approval of such a fund. Tom Lee from Fundstrat said that BTC could reach $180,000 but only if a spot Bitcoin ETF gets approved.

That said, some of the more interesting price predictions for BTC throughout the next bull run include:

  • $148K by Pantera Capital
  • $100K before March 2024 by Adam Back
  • $120K in 2024 by Robert Kiyosaki
  • $100K by 2024 by Standart Chartered

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