Grok, frequently mentioned lately due to its association with Elon Musk, made a future Bitcoin price prediction following questions directed at it. With artificial intelligence becoming prominent in cryptocurrency predictions, the accuracy of Grok’s forecast is already a subject of curiosity.
What Will Bitcoin’s Price Be According to Grok?
Grok expressed two different views on Bitcoin’s price. The first, an optimistic price prediction, was as follows:
Considering the potential approval of a Bitcoin spot ETF soon and the halving of block subsidies in April 2024, Bitcoin could capture a significant upward momentum. If the ETF approval leads to increased institutional adoption and the halving of block subsidies reduces the rate of new Bitcoin creation, this could create a supply squeeze and push the price up. Additionally, the growing general acceptance of cryptocurrencies could also contribute to an increase in Bitcoin’s price. Taking these factors into account, a price prediction for Bitcoin by the end of 2024 could be in the range of $85,000 to $100,000.
Grok’s bearish prediction was as follows:
On the other hand, Bitcoin’s price could be negatively affected by regulatory uncertainty or a global economic slowdown. If governments impose stricter regulations on cryptocurrencies or if the global economy enters a recession, this could reduce investor sentiment and lead to a sell-off in Bitcoin and other cryptocurrencies. Considering these factors, a bearish price prediction for Bitcoin by the end of 2024 could be in the range of $30,000 to $40,000.
Assessing Grok’s Bitcoin Prediction
Grok‘s bullish and bearish price predictions, when considered, suggest that the first scenario with a bullish prediction could result in a gain of 135% from the current price level of $42,500.
On the other hand, a move corresponding to the second prediction could result in a pullback to the $30,000 level for Grok, facing investors with a 30% decrease. When both price predictions are considered, the 2.5-fold increase in price target related to the bullish scenario is likely to attract more attention from those who have already invested.
There is a growing interest in artificial intelligences and their predictions recently. Following the frequently consulted ChatGPT and Bard, now the focus has shifted to Elon Musk’s Grok. How successful Grok will be in its predictions will become apparent in the coming periods.
