According to ChatGPT 4.0, it could push Bitcoin’s price up to about $100,000 through its influence on market analysis, trading strategies, and blockchain technology development.
If the price of Bitcoin BTC reaches $100,000 in 2024, artificial intelligence (AI) may have some bearing, according to GPT-4, the most recent iteration of the AI chatbot ChatGPT.
Cointelegraph queried the AI chatbot on January 1 whether Bitcoin’s price could reach $100,000 this year and what role AI might play in achieving this result.
According to the AI chatbot, Bitcoin could reach $100,000 in 2024, assuming a sequence of favorable circumstances materializes. ChatGPT added, nevertheless, that this “continues to be highly speculative.”
Subsequently, the AI chatbot furnished several overarching factors that could contribute to said scenario. Positive regulatory developments, increased institutional and retail adoption, and currency devaluation or inflation are all examples.
The approval of a spot Bitcoin exchange-traded fund (ETF), according to ChatGPT, could also have a favorable effect on the price. According to the AI, an area of Bitcoin ETF sanction would increase the asset’s liquidity and accessibility. The potential perception of regulatory authorization could incentivize institutional investors to participate in the market.
The ChatGPT chatbot responded affirmatively when queried about the potential involvement of AI in this scenario. This would occur due to AI’s impact on trading strategies, market analysis, and blockchain technology as a whole.
Big data market processing and identification of trends and patterns that human analysts might overlook are capabilities of AI algorithms, according to ChatGPT.
Depending on market conditions, AI-driven trading bots could also conduct trades at optimal times, according to the AI chatbot. ChatGPT noted that the bots could react considerably quicker than humans in a fast-paced market environment.
As per ChatGPT, using AI in trading entails substantial risks despite its benefits. Included in these dangers are espionage and cyberattacks. A trading machine amassed $1 million in 2022 by capitalizing on an arbitrage trading opportunity. The funds were, however, emptied when a hacker deceived the bot into authorizing a nefarious transaction.
