Generative artificial intelligence (AI) sensation ChatGPT has garnered recognition for its versatile capabilities in accurately tackling various tasks. Among many other things, this powerful tool also has the potential to be utilized in the field of trading by providing insights into potential price movements for diverse assets within the market.
Having said that, Finbold asked ChatGPT to share its predictions for Bitcoin’s (BTC) potential price by the end of 2023, based on metrics such as technical analysis (TA), historical price action, and other popular metrics.
While the chatbot stressed that predicting BTC’s future price is “inherently uncertain” due to it being influenced by a number of factors, it also outlined why the leading cryptocurrency could appreciate in value in the coming years.
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Notably, OpenAI’s chatbot tool listed “increased adoption, institutional involvement, halving events,” and “market sentiment and speculation” as key drivers that could propel BTC by the end of 2023.
“As Bitcoin continues to gain acceptance and adoption among individuals, institutions, and even governments, it may result in increased demand and potentially drive the price higher.”
– ChatGPT said.
AI BTC price prediction
Meanwhile, CoinPriceForecast, a widely-used price prediction tool, was quite bullish on Bitcoin’s price in the coming years. The forecast website predicts BTC to hit $35,085 by the end of 2023, implying a potential upside of more than 30%. Notably, this is over $2,000 more than the price prediction retrieved back in February.
For 2024 and 2025 year-end, the tool estimates Bitcoin to reach $40,290 and $44,766, respectively.
Bitcoin price analysis
At press time on Friday, May 19, Bitcoin was trading at $26,845, down 1.95% on the day. Over the past week, the world’s biggest crypto coin advanced around 1.88%. Still, BTC’s gains since the start of 2023 remain significantly high, up more than 61%.
Earlier this week, crypto analyst Michaël van de Poppe pointed out a certain must-hold support zone that Bitcoin to prevent a notable price crash.
Specifically, the expert said that BTC has to remain in the range between $26,800 and $27,000, as failure to do so could push the cryptocurrency below $26,000 “for a potential bullish divergence.”
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
