OpenAI, a leading artificial intelligence (AI) company, has just released the most advanced o1, which will be released on September 12. Hoping to test the capabilities of artificial intelligence and gain insight into the cryptocurrency market, Finbold asked o1 to make a prediction for the price of bitcoin (BTC) by the end of 2024.
In its optimistic forecast, OpenAI's o1 believes that #bitcoin could "experience a strong upward momentum" and as a result, the price will exceed its all-time high (ATH). Conservative #BTC price forecasts range from $8,80,000 to $1,100,000 by the end of 2024.
However, #AI is sticking to a bearish scenario for Bitcoin, potentially keeping it between ¥60,000 and ¥770,000. This could happen in the face of "unfavorable regulatory measures, macroeconomic slowdown or persistent negative sentiment, which could lead to a drop in the price of BTC, writes o1.
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"Based on the factors described above, I predict that by the end of 2024, the value of bitcoin could be around £90,000. This estimate assumes a positive market reaction to the halving, continued institutional implementation of spot ETFs and a stable macroeconomic environment. However, it is important to recognize the high volatility of the #cryptocurrency market and that unforeseen events could have a significant impact on prices
Bitcoin is currently at around ¥58,000 and is up 119% year-over-year since 9/09/2023. In contrast, the chart shows a six-month downtrend with minor highs and lows since reaching 73,800 points in January.
Bitcoin needs to break out of this downtrend to recover the gains of the previous 6 months and compete for higher positions.
Finbold publishes various analyses from renowned trading experts, most of whom hold optimistic views for the end of 2024. In particular, the trusted crypto pointed to the achievement of BTC's goal of dropping below 54,000 BTC, stating that bitcoin could start a full-fledged bull move
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