The broader crypto market has recently witnessed an astonishing rally, propelling several cryptocurrencies to values unseen for more than a year.
In less than two months, Bitcoin (BTC) surged from $25,000 to over $41,000, nearly doubling its price, while Ethereum (ETH) reached peaks not observed since early 2022.
Beyond the crypto behemoths, numerous altcoins have demonstrated impressive performances, notably Solana (SOL), which grabbed attention with a staggering 220% surge in several weeks.
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Amidst the rekindled optimism, another leading altcoin that has been generating investor interest is Polkadot (DOT), surging from around $3.6 in late October to $6.6 as of December 18, almost doubling in value.
As speculation swirls regarding DOT’s future growth, Finbold consulted artificial intelligence (AI) bot ChatGPT to seek insights into where the cryptocurrency might stand at the beginning of 2024.
What did ChatGPT say?
ChatGPT refused to offer a specific prediction for DOT’s near-term price trajectory, citing various, rapidly changing factors that have an impact on the crypto market. These include market sentiment, regulatory developments, and macroeconomic trends.
The AI bot acknowledged that Polkadot’s recent price surge is impressive, “but whether this trend will continue into 2024 is uncertain.”
“Factors such as adoption rates, technological advancements, partnerships, and overall market conditions will play pivotal roles in determining the future trajectory of Polkadot’s price. Additionally, external events like regulatory developments or macroeconomic shifts can impact the entire cryptocurrency market.”
– said ChatGPT.
Google Bard’s DOT price prediction
Meanwhile, Alphabet’s (NASDAQ: GOOGL) own generative AI solution, Google Bard, provided more concrete estimates for DOT.
The chatbot said there are three potential scenarios for the altcoin’s short-term price trajectory, including bullish, neutral, and a bearish one.
Notably, the AI tool said if the optimism within the crypto market remains and BTC and ETH continue their uptrend, “it could pull altcoins like Polkadot along for the ride.”
“This optimism could be fueled by positive developments in the industry, such as increased institutional adoption or the launch of exciting new projects on the Polkadot network.”
– Bard noted.
In that case, DOT’s price could hit $7.92 or higher by January 1, 2024, implying a potential upside of around 20% from its current level.
On the other hand, the market could enter a period of consolidation, which could force Polkadot’s price into a limited trading range. Finally, unexpected market corrections that could erase Bitcoin’s and Ethereum’s recent gains would also affect altcoins, Bard said, potentially driving DOT down to $5.28 or lower.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
