- The recent release of ChatGPT, led by Bard from Google, has revived interest in productive artificial intelligence bots.
- Bard’s analysis revealed several factors that suggest Bitcoin’s price could reach new highs after the halving.
- According to recent information, the price of Bitcoin is $29,116. BTC has experienced a 0.48% decrease in the past 24 hours and a 2.59% decrease in the previous seven days.
The popularity of AI chatbots is increasing; In this context, we asked Bard, released by Google, for its comments on Bitcoin.
We Asked Google Bard for a Bitcoin Price Prediction
The recent release of OpenAI’s text-based AI tool ChatGPT, led by Bard from Google, has revived interest in productive artificial intelligence bots. Bard has already proven its value in cryptocurrency market analysis, especially in Bitcoin (BTC).
Bard’s analysis revealed several factors that suggest Bitcoin’s price could reach new highs after the halving:
- The Halving Event: The upcoming halving event is expected to significantly impact Bitcoin’s price. Halving reduces the speed of new Bitcoin supply, limiting the supply and potentially increasing demand and price.
- Global Acceptance: Increased global acceptance of Bitcoin is another factor that can affect its price. If more individuals and institutions adopt Bitcoin as a legitimate investment and payment method, demand is likely to increase and drive up its value.
- Favorable Regulatory Frameworks: Positive regulatory environments in different countries can play a key role in Bitcoin’s price increase. Clear and supportive regulations can increase investor confidence and attract more participants to the cryptocurrency market.
Bard also highlighted potential obstacles that could hinder Bitcoin’s price increase after the halving:
- Possibility of a Bear Market: A bear market following the halving event could impede Bitcoin’s upward momentum. Market sentiment and macroeconomic factors can influence the overall direction of the cryptocurrency market.
- Competition from Altcoins: The rise of competitive cryptocurrencies can threaten Bitcoin’s dominance. As new digital assets emerge and gain popularity, some investments may shift towards alternatives to Bitcoin.
Bard’s Bitcoin price predictions
Bard provided Bitcoin price predictions from different sources and shed light on different views regarding the future of the cryptocurrency:
- PlanB’s S2F Model: Crypto analyst PlanB’s popular S2F model predicts Bitcoin’s price to reach $100,000 in 2024. This model evaluates its value based on factors such as halving and Bitcoin scarcity.
- Standard Chartered’s Forecast: British multinational bank Standard Chartered predicts Bitcoin to reach $120,000 in 2024, reflecting its optimism about the cryptocurrency’s potential.
- ZebPay’s Forecast: ZebPay, India’s oldest cryptocurrency exchange, takes a more conservative approach, predicting Bitcoin to be $40,000 in 2024.
According to recent information, the price of Bitcoin is $29,116. BTC has experienced a 0.48% decrease in the past 24 hours and a 2.59% decrease in the previous seven days. On the monthly chart, Bitcoin has experienced a 5.12% decrease.
Bitcoin is currently facing strong support at $27,583 and resistance at $31,010. The realization of the predicted price thresholds will depend on the combination of the aforementioned factors in the cryptocurrency market.
While Bitcoin’s price fluctuates in uncertain market conditions, Google’s Bard AI tool has shed light on possible scenarios after the 2024 halving. The future of the cryptocurrency depends on the continuation of developments in the broader financial environment, as factors such as halving, global adoption, and regulatory advancements can influence Bitcoin’s trajectory.
Meanwhile, various price predictions highlight the diversity of opinions about Bitcoin’s potential and reflect both optimism and caution. As the cryptocurrency community progresses in the post-halving period, market participants will carefully observe how these factors shape Bitcoin’s future and its role in the evolving digital economy.
