Bitcoin (BTC), after reaching a level of $48,900 following the long-awaited approval of the US’s first Bitcoin spot ETF, sharply fell and is now trading around $40,000 after 14 days. Following this decline, the spot ETF hype took a hit and investors turned their attention to the block reward halving expected to occur in April. The Crypto Fear and Greed Index from the crypto data and price platform CoinMarketCap is currently giving a neutral signal for the cryptocurrency market. This signal indicates that the market is in a phase of indecision. During this period of uncertainty, cryptocurrency investors turned to the artificial intelligence chatbot ChatGPT, and the viral AI chatbot shared its predictions for the best and worst scenarios for Bitcoin by the end of 2024.
Target Level in Best Case Scenario Between $100,000 and $200,000
According to the viral AI chatbot ChatGPT, in the best-case scenario, BTC could trade in the range of $100,000 to $200,000 by the end of this year. ChatGPT made a “bold” bull market prediction for Bitcoin, emphasizing the block reward halving and said:
In the best-case scenario, the block reward halving in 2024 will reduce the influx of new BTCs into circulation, which historically has led to a price increase as demand outstrips supply. Increased adoption among both individual and institutional investors, supported by more accessible and secure platforms, will also enhance Bitcoin’s recognition as a ‘digital gold’ and a digital store of value.
According to ChatGPT, technological advancements surrounding the Bitcoin Blockchain and scaling solutions like the Lightning Network have the potential to increase Bitcoin’s usability and transaction efficiency. This could pave the way for its broader use in daily transactions. The artificial intelligence chatbot expects that high inflation and economic instability affecting traditional financial systems will lead more investors to turn to Bitcoin as a protection against fiat currency devaluation.
ChatGPT predicts that if all these factors come together positively and investor interest continues, Bitcoin could move upwards. According to it, a bold but possible bull prediction for the end of 2024 could be in the range of $100,000 to $200,000.
Shared Bitcoin Prediction for the Worst Case Scenario
On the other hand, ChatGPT also shared what levels Bitcoin’s price could be in the worst-case scenario. ChatGPT said, “In the worst-case scenario, if the block reward halving prevents miners from continuing their work, concerns about the security and integrity of the network could arise. Negative regulatory developments such as strict regulations or outright bans could affect investor sentiment and limit adoption. A significant technological flaw or successful large-scale attack on the Bitcoin network could harm the security and reliability of the largest cryptocurrency.” It added that “Competition from altcoins or government-backed digital currencies could divert interest and investment away from Bitcoin. With all these factors combined, a bold bear prediction could see Bitcoin’s price falling to the level of $10,000 to $15,000 by the end of 2024.”
In summary, ChatGPT expects Bitcoin to trade between $10,000 and $200,000 in bull and bear scenarios. This wide range demonstrates how unpredictable and volatile cryptocurrencies can be as the most significant and powerful project to date. Additionally, price performance is dependent on multiple factors such as supply and demand, and investors should be cautious and conduct their analysis before investing in financial assets.
