🧑🎄The chatbot said AI could play a role in pushing Bitcoin’s price up through its influence on market analysis, trading strategies and blockchain tech development.
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On January 1,#TetralandoNFT asked an AI chatbot if Bitcoin could potentially hit $100,000 this year and how AI could play a role in making that happen. According to the AI chatbot, it is "theoretically possible" that Bitcoin will reach $100,000 in 2024 if a number of favorable conditions occur. However, ChatGPT also noted that this "remains highly speculative."
🤩After that, the AI chatbot also provided some common factors that could contribute to such a scenario. This includes positive regulatory changes, increased retail and institutional adoption, and currency devaluation or inflation
🍹ChatGPT also said that the approval of a spot Bitcoin exchange-traded fund (ETF) could have a positive impact on the price. The AI noted that a spot BTC ETF approval would provide greater accessibility and liquidity to the asset. It also encourages institutional investors to enter the market, as the approval could be seen as a sign of regulatory acceptance.
🔶ChatGPT explained that AI algorithms can process large amounts of market data and identify trends and patterns that human analysts might miss. The AI-powered chatbot said AI-driven trading bots can also trade at optimal times based on market conditions. ChatGPT noted that bots can react much faster than humans in a fast-moving market environment.
According to ChatGPT, while there are benefits to using AI in trading, it also comes with significant risks. These risks include hacking and cyber attacks. In 2022, a trading bot received $1 million thanks to arbitrage trading. However, the hacker tricked the bot into authorizing a malicious transaction, draining all funds.
💴#BTC 💴#binancesquare 💴#Trading 💴
🅰️🗣️Disclaimer:
The content of this publication does not constitute financial advice. Always do your own research.
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