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As the artificial intelligence trend continues to rise with the launch of the viral ChatGPT chatbot, similar platforms showcase their notable abilities in analyzing trends in Bitcoin (BTC) and altcoins. Google’s artificial intelligence platform, Google Bard, is one of them. Bitcoin, after consolidating its gains from previous weeks, continues to be priced above $36,000. At this point, Google Bard was asked about the price range at which Bitcoin could trade in early 2024. Here is the response from Google’s AI.
Google’s AI Points to a Range of $40,000 to $60,000
Google’s AI indicates a potential price range of $40,000 to $60,000 for Bitcoin in early 2024, attributing this bullish expectation to the upcoming block reward halving event, increasing institutional interest, and ongoing network developments.
Google Bard emphasizes that this is only a possible price range and that the price of the largest cryptocurrency could be higher or lower at the beginning of 2024. Therefore, it warns about the importance of conducting comprehensive research and being cautious before making any investment decisions.
Factors That Could Affect Bitcoin’s Price
Google’s AI-based chatbot also mentions a series of factors that could influence Bitcoin’s price. These factors include high volatility, such as significant value losses since reaching an all-time high of nearly $69,000 in 2021, as well as the potential positive impact of the upcoming block reward halving event, which is expected to occur in April 2024. Google Bard states that the halving reduces the reward amount given to Bitcoin miners and this could potentially lead to a decrease in supply and an increase in demand, resulting in a higher price for BTC. Additionally, it highlights the strong and passionate user and supporter community that sees Bitcoin as a decentralized and transformative technology, underlining that all of these factors could contribute to long-term price increases.
Furthermore, Google Bard suggests that institutional investors, such as hedge funds and large companies, recognizing Bitcoin’s potential as a hedge against inflation and a store of value, could further increase their interest in Bitcoin, potentially leading to a further price increase for the largest cryptocurrency. The AI also mentions that ongoing developments in the Bitcoin network, particularly the implementation of Lightning Network for faster and cheaper transactions, could enhance the scalability and usability of the network, attracting more users and further increasing demand.
