Shortly after OpenAI launched its text-based artificial intelligence (AI) tool ChatGPT, the technology saw renewed interest, leading to the rise of other generative AI bots, particularly Google’s Bard, which has already demonstrated its value in the cryptocurrency market analysis, including that of Bitcoin (BTC).
Indeed, as the price of Bitcoin continues to move sideways after losing the $30,000 level, Finbold sought Bard’s input on the future of the flagship decentralized finance (DeFi) asset after its halving in 2024, from a standpoint as of July 25.
Factors playing a role
As it happens, Bard delivered a detailed reply, highlighting that “there are a number of factors that suggest that the price could reach new highs,” including the upcoming halving event itself, increased global adoption of Bitcoin, and favorable regulatory frameworks around the world.
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On the other hand, Bard singled out the factors that could hamper Bitcoin’s gains after the halving, particularly the possibility of a bear market following the halving, as well as the rise of competing crypto assets that could pose a threat to its dominance.
Bitcoin price prediction
In terms of specific numbers, Bard has listed Bitcoin price predictions from several different sources, including the stock-to-flow (S2F) model by crypto analyst PlanB, which has set the price of the maiden cryptocurrency at $100,000 by 2024.
Furthermore, the second prediction, by British multinational bank Standard Chartered, projects Bitcoin to reach $120,000 by 2024, whereas India’s oldest cryptocurrency exchange, ZebPay, is not as bullish, setting the price of the largest crypto by market capitalization at $40,000 by 2024.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $29,125, which represents a decline of 2.33% in the last 24 hours, a 2.97% loss across the previous seven days, adding up to the 5.20% drop on its monthly chart, as per the latest information.
Currently, Bitcoin is facing the strongest support at the price of $27,583, whereas its resistance rests on the $31,010 level. Whether it can truly reach one of the price thresholds predicted above will depend on the various listed factors playing together.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
