We asked ChatGPT-4 what will be Bitcoin price after 2024 halving
1️⃣ As Bitcoin (BTC) is fast approaching its next halving event, during which the algorithm will cut in half the reward for mining the cryptocurrency, many crypto traders and investors are wondering about the price of the flagship decentralized finance (DeFi) asset once this happens.
With this in mind, Finbold has consulted GPT-4, the fourth iteration of the OpenAI brainchild ChatGPT, to provide insights regarding the price of Bitcoin after the 2024 halving, taking into account the importance of this event, as well as its price movements in the previous halving events.
2️⃣ ChatGPT-4’s expectations for Bitcoin As it happens, using the above factors as a basis for its predictions and a premise of a consistent market behavior pattern, the artificial intelligence (AI) chatbot synthesized the available information and offered its prediction for the price of Bitcoin following the April halving, from the standpoint on February 26.
3️⃣ Specifically, ChatGPT-4 observed that “looking at historical trends, Bitcoin’s price has typically rallied in the year following halving events, with noticeable price increases,” giving an example of the asset surging from about $10 to $1,000 within a year after the 2012 halving.
Similarly, the AI bot noted that Bitcoin’s price rose from around $600 to $20,000 in the year after the 2016 halving, concluding that a similar increase could happen to the maiden crypto asset this time around, setting the possible target in the range around $179,000 by August 2025.
“Given these trends, it’s feasible for Bitcoin’s price to increase after the 2024 halving. One prediction based on historic price action indicates that Bitcoin might reach approximately $179,000 by August 2025.”
Long-Term Bitcoin Investors Profit as BTC Held at a Loss Decreases
According to CryptoPotato, long-term Bitcoin investors are reaping rewards as the cryptocurrency rallies to multi-year highs above $50,000. Data from Glassnode reveals that although Bitcoin prices remain 28% below their all-time high, the number of BTC held at a loss is rapidly decreasing, with only 13% falling into this category. Since November last year, long-term holders have traded approximately 148,000 BTC, considering the behavior of GBTC (Grayscale Bitcoin Trust). This indicates a potential shift in investor actions, with some BTC being spent and profit-taking becoming more common.
As the market approaches its 2021 highs, Glassnode found that the supply of Bitcoin held at levels higher than this is gradually diminishing. This shift means that a significant majority of investors and their held assets are now in a profitable position, signaling a potential transition phase where long-term holders may begin to divest some of their holdings. Leading up to the approval of spot Bitcoin ETFs in January, the on-chain intelligence platform observed a notable increase in speculative activity in the market. In response, many long-term holders opted to trade their BTC, either to realize profits or possibly to adjust their portfolios to include the new ETF offerings.
Despite the profit-taking events that led to the correction of Bitcoin this week, investors appear to be optimistic about its trajectory. MicroStrategy co-founder and Bitcoin bull Michael Saylor said that the recent introduction of spot BTC ETFs is driving up the price of the premier crypto. During a recent interview with CNBC, the exec attributed this to a significant disparity in the supply of Bitcoin and the considerable demand accumulated over nearly a decade for a dedicated product accessible to retail investors. He even went on to assert that the demand for Bitcoin entering these ETFs is ten times greater than the supply from natural sellers, primarily miners.
تعداد بیت کوین هایی که در دسترس هستند محدود است. طبق طراحی اولیه بیت کوین، تنها 21 میلیون بیت کوین میتوانند استخراج شوند. تاکنون، حدود 18.5 میلیون بیت کوین استخراج شده است. این محدودیت تأمین ارزش و کنترل تورم بیت کوین را تضمین میکند. #sanor016CommUNITY #BTC #TrendingTopic
What are some popular cryptocurrencies to consider?
Well, Mahdi, there are several popular cryptocurrencies that you might consider. Bitcoin (BTC) is the most well-known and widely used cryptocurrency. Other popular options include Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). Each of these cryptocurrencies has its own unique features and potential for growth. It's important to do your research and understand the fundamentals of each before making any investment decisions. Happy exploring! 🌟💰🚀 #sanor016CommUNITY #BTC #sanor016
What are some factors that affect Bitcoin's price?
There are several factors that can influence the price of Bitcoin. Some of the main ones include market demand, investor sentiment, regulatory developments, technological advancements, and macroeconomic factors like inflation and geopolitical events. It's a complex mix, but these factors can all play a role in shaping Bitcoin's price. 📊💡💸 #sanor016CommUNITY #BTCBearish #BTCPriceAnalysis 📈