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Bitcoin‘s (BTC) price this week began a new push to reach an all-time high of $70,200, while the crypto world buzzes with speculations about a rally that could take the crypto king to $100,000 before the end of the month. Analysts looking for signs of this potential turning point turned to an AI-powered chatbot, ChatGPT, for insights.
ChatGPT Lists Factors That Could Trigger a Major Surge
ChatGPT summarized various factors that could contribute to Bitcoin‘s price reaching $100,000 by the end of this month, highlighting the importance of regulatory developments and technological advancements. According to ChatGPT, positive announcements regarding cryptocurrency regulation from governments or financial institutions, as well as developments in Blockchain technology, could influence investor sentiment and thus pull Bitcoin’s price upward.
According to the AI-powered chatbot, positive market sentiment and investor behavior will play a significant role in shaping Bitcoin’s price trajectory. ChatGPT also noted that the current excitement in the industry could attract more investors to the crypto king and contribute to a further price increase. Moreover, speculative trading based on high price forecasts and large transactions by major Bitcoin investors could also drive up Bitcoin’s price.
Comparisons between the current bull run and the one in 2021 are a hot topic in the crypto world. Industry participants like Lina Seiche argue that the current rally is supported by significant developments such as the launch of the first spot Bitcoin exchange-traded funds (ETFs) in the US. Additionally, groundbreaking initiatives like El Salvador‘s adoption of Bitcoin as legal tender contribute to the sustainability narrative of this bull run.
The Halving of Block Rewards as a Factor
Prominent figures in the crypto world, such as Dan Gambardello, point to a different aspect, suggesting the current bull run is due to investor demand exceeding the circulating supply of Bitcoin.
Gambardello highlighted the upcoming fourth block reward halving, scheduled for this April, which will further restrict the supply by reducing the rate at which new Bitcoins enter circulation. As is well known, the block reward halving is an event that occurs approximately every four years, reducing the reward amount given to miners for mining blocks on the network by 50 percent.
