ChatGPT, a cutting-edge generative artificial intelligence (AI) system, has gained widespread acclaim for its remarkable versatility in efficiently addressing a wide array of tasks. With its vast knowledge base and advanced language processing capabilities, this formidable AI tool has the potential to extend its influence into the realm of trading.
By leveraging its strengths, ChatGPT holds promise in offering valuable insights into the potential price movements of various assets within the dynamic and ever-changing crypto market landscape. On Monday, May 22, Finbold asked ChatGPT to predict the price of Shiba Inu (SHIB) for the end of 2023, based on various metrics, including technical analysis (TA), and macroeconomic factors.
The chatbot initially reminded us that it cannot “predict future market trends with certainty.” However, it listed a few factors that traders should keep an eye on when trading SHIB.
First of all, ChatGPT told us to watch over the overall market sentiment as “positive news, adoption by major companies, regulatory developments, or significant market events can impact investor confidence and drive the price of SHIB upward,” it wrote. Similarly, negative market developments such as regulatory crackdowns could drive SHIB’s price down, the AI tool added.
ChatGPT also said that traders should closely follow central banks’ decisions on future interest rate moves as those “can influence investor behavior and affect the overall market sentiment.”
Finally, the AI solution wrote that crypto traders should also be aware of market manipulation, as cryptocurrencies can be susceptible to activities that can “artificially inflate or depress prices in the short term,” like pump-and-dump schemes.
AI SHIB price prediction
In an effort to provide a comprehensive analysis of Shiba Inu’s potential price movement by the end of 2023, Finbold incorporated data from an additional AI tool.
CoinPriceForecast, the popular price prediction tool, predicts SHIB to rise to $0.00000953 by the end of the year, marking a possible upside of 11% from current price levels. Interestingly, the website forecasts SHIB to hit 0.00001037 by mid-year, indicating it expects the meme coin to surge by as much as 21% in the short run.
SHIB price analysis
At the time of publication, Shiba Inu was trading at $0.000008587, down 1.23% in the past 24 hours. Still, the second-largest meme coin in the world remains up more than 6% since the start of the year, as a result of the broader market rebound in 2023.
Last week, Frank Corva, a senior digital assets analyst at Finder, shared his views on SHIB’s potential price movements in 2023. The financial expert said that “the probability of SHIB performing well or setting a new all-time high this year is low,” citing a significant difference in macroeconomic factors between now and October 2021, when the crypto market peaked.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.