Text-based artificial intelligence platform ChatGPT has gained prominence for its ability to handle a wide range of tasks with high accuracy. One area where the tool can be leveraged is in trading by offering possible price movements of different assets in the market.
Interestingly, the tool acknowledged that it is challenging to predict the price of Bitcoin in the long run, citing the high market volatility and regulations. However, the AI-powered platform notes that there remains room for Bitcoin to rise in the coming years, citing the maturing markets and increased adoption.
“It is impossible to predict the price of Bitcoin in 2030 with any degree of accuracy. The price of Bitcoin is highly volatile and is subject to many external factors, such as government regulations, economic conditions, and technological advancements. <…> As the cryptocurrency market matures and more people become aware of the potential of digital currencies, Bitcoin will likely become more widely accepted, and its value will continue to rise,” said ChatGPT.
Notably, the projection by ChatGPT aligns with a prediction of Bitcoin proponents who believe that the asset is on its way to mainstream adoption.
Although the tool remains in its experimental stages, initial projections indicate that it could be leveraged to automate repetitive tasks such as monitoring prices and trading on specific conditions, among others. Furthermore, ChatGPT can help traders make informed decisions by being trained to generate reports on market trends, prices, and other relevant data.
It is worth noting that ChatGPT’s current knowledge is limited as it needs more information on global happenings beyond 2021.
Bitcoin price analysis
Bitcoin is currently trading at $20,925, having recorded gains of about 0.3% in the last 24 hours. Over the past week, Bitcoin has rallied over 20%, with a market capitalization of over $402 billion.
From a technical analysis perspective, one-day gauges on TradingView are dominated by bullishness, with a summary recommending a ‘buy’ at 14 while moving averages are for a ‘strong sell’ at 12. The oscillator gauges are bearish for a ‘sell’ at 5.
It is worth mentioning that Bitcoin is experiencing one of its extended runs since the 2020 coronavirus pandemic.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.