With less than nine months before the next halving event for #bitcoin (BTC), anticipation is mounting for a possible surge to new all-time highs.
When the bitcoin network adds its 840,000th block, which is expected on April 21st, 2024, the incentive rate for miners is slated to halve from 6.25 BTC to 3.125 BTC, resulting in a halving of the bitcoin supply inflation rate.
The bitcoin issuance pace is approximately half every four years to ensure that the bitcoin supply never surpasses the 21 million token limit.
Bitcoin #halving occurrences, such as those scheduled for 2016 and 2020, have traditionally happened before to big price increases, which is why anticipation is growing.
Matrixport and the British multinational bank Standard Chartered recently forecasted that bitcoin will top $100,000 next year after the halving.
Nevertheless, Morgan Creek Capital recently predicted that bitcoin will surpass $300,000 by the 2028 halving.
"With the prior tendencies of Bitcoin halving events triggering a rise in price," ChatGPT says, before adding that "following the last two halvings, in 2016 and 2020, Bitcoin hit its all-time highs around a year later."
"If this trend continues, it is realistic to expect a big rise in Bitcoin price after the 2024 halving, perhaps doubling or tripling the pre-halving price... This may put Bitcoin in the $60,000 to $90,000 level."
The chatbot, however, cautioned that legislative changes, technical developments, macroeconomic trends, and other things might all have a significant impact on the pricing.
If bitcoin reaches #ChatGPT 's projection of $60-$90,000, it would represent spectacular 2-3x increases from its current price of little under $30,000 in a few of years.
Few conventional assets could be anticipated to perform as well as that.
Therefore, in comparison to many other long-term bitcoin price models, ChatGPT's projection is cautious.
According to the Bitcoin Stock-to-Flow pricing model, which estimates the price level based on the number of BTC available in the market relative to the amount mined each year, Bitcoin's fair price right now is around $55K and could rise above $500K in the next post-halving market cycle - that's around 17x gains from current levels.
However, according to Blockchaincenter.net's renowned Bitcoin Rainbow Chart, Bitcoin is currently in the "BUY!" zone, having just rebounded from the "Basically a Fire Sale" zone in late 2022.
In other words, the model shows that Bitcoin is progressively recouping from a period of extreme oversoldness.
Bitcoin was able to hit the "Sell" level during its last bull run. Really, SELL!" zone.
If it can replicate this accomplishment in the next post-halving market cycle within one to one and a half years, the model predicts a Bitcoin price in the $200-$300K range.
It equates to a 7-10x increase from present levels.