ChatGPT has become one of the go-to tools for crypto investors looking to analyze new and established coins.
The model’s objective insights are invaluable to these investors, given that crypto trading is often emotionally charged.
This article delves into ChatGPT’s Bitcoin price forecast for the rest of 2023 while shedding light on Wall Street Memes, a crypto presale sensation that has swiftly amassed over $1.7 million in just five days.
ChatGPT Anticipates Bitcoin Will Soar by 29% Over Next Six Months
Bitcoin ($BTC) holders have been on a wild ride recently, as the sustained bullish momentum from January to April has been replaced with tremendous volatility.
Since Sunday evening, the Bitcoin price has dropped by nearly 5%, hovering just above the critical $27,000 level.
Yet, even after taking this drop into account, Bitcoin is still up by 63% YTD – highlighting the remarkable investor optimism.
The recent positivity around Bitcoin has been driven by macroeconomic factors rather than anything specifically related to the coin itself.
A key contributor has been the slowdown in US inflation levels, with the latest CPI data showing that inflation has been gradually dropping for nearly a year.
Now that inflation is cooling, there’s a much higher likelihood that the Fed will pause interest rate hikes – or even begin to lower them.
The CME FedWatch tool, widely used as a way to estimate the Fed’s next move, now estimates that there’s a 34.7% chance that interest rates will remain at their current level at the next FOMC meeting.
This is good news for Bitcoiners since high interest rates often lead investors to seek perceived “safer” assets such as bonds.
Consequently, when rates look like they might be about to fall, investors are more inclined to add cryptocurrencies to their portfolio – increasing demand for BTC and boosting price.
This is where ChatGPT comes in, as OpenAI’s language model believes this (among other factors) could spark some bullish momentum in the latter half of the year.
Per ChatGPT, Bitcoin could be trading around the $35,000 level by the end of the year – 29% higher than the current price.
ChatGPT states that interest rate decisions and other factors, like regulation and technological developments, would drive any potential price increases.
Ultimately, ChatGPT’s thoughts are clear – Bitcoin’s future remains bright, which will make for positive reading for long-term holders.
Wall Street Memes Grabs ChatGPT’s Attention, Sparking Optimistic Forecast
However, it’s not just Bitcoin garnering attention lately.
The burgeoning meme coin project Wall Street Memes ($WSM) has also caught ChatGPT’s interest, thanks to the remarkable response to its presale phase.
Wall Street Memes’ presale kicked off on May 26, yet has already raised over $1.7 million in funding, as excited investors clamor to buy $WSM tokens at a low price point.
Its unique structure has driven much of the interest in this presale. The presale is split into 30 stages, each with a gradually increasing price point – meaning the earlier that investors get involved, the lower their entry price.
Moreover, Wall Street Memes already boasts a robust following of over 1.1 million people, thanks to the prior success of the Wall St Bulls NFT collection, which was launched in 2021 and sold out in 32 minutes.
The Wall Street Memes team now aims to tokenize this colossal community by creating the $WSM token, which is indirectly linked to the Reddit subculture that spawned following the GameStop/WallStreetBets saga.
Not only that, but $WSM has also caught the eye of some big names in the market – with the Chain Review Twitter account tweeting that $WSM is now “disrupting the crypto space.”
All of these factors play into ChatGPT’s bullish price forecast for $WSM. Per ChatGPT, $WSM could reach $0.12 by the end of the year.
If this scenario played out, it would be a 363% increase from the current presale price.
With its promising community backing and the bullish prediction from ChatGPT, the Wall Street Memes project looks set to become a significant player in the rapidly-evolving meme coin niche.