According to CryptoPotato, Bitcoin's price has increased to around $28,000 in the past 24 hours, following millions worth of liquidated short positions and increased trading volume. As market sentiment improves, many are curious about how high Bitcoin's price can get during the next bull run. ChatGPT, an artificial intelligence, suggests that the next Bitcoin bull run could begin in late Q1 or early Q2 in 2024, following the upcoming Bitcoin halving.
Factors that could determine the beginning of the next bull run include adoption and use cases, institutional investment, regulation, macro-economic factors, and technological developments. Institutional investors, such as hedge funds and large corporations, have shown interest in Bitcoin, and increased institutional adoption could lead to increased demand and price appreciation. The United States Securities and Exchange Commission (SEC) has recently delayed multiple applications for a spot Bitcoin ETF, including those from BlackRock, Valkyries, Invesco, and Bitwise.
Some analysts have based their BTC price predictions on the approval of a spot Bitcoin ETF. Tom Lee from Fundstrat said that BTC could reach $180,000 if a spot Bitcoin ETF is approved. Other price predictions for BTC during the next bull run include $148K by Pantera Capital, $100K before March 2024 by Adam Back, $120K in 2024 by Robert Kiyosaki, and $100K by 2024 by Standard Chartered.
