We Asked ChatGPT if Bitcoin Will Enter a Massive Bull Run in 2024

Turkish lire; Dr

• Bitcoin started 2024 well, hitting a record high of over $73,500, though it later fell to around $63,000. The new upward trend may depend on factors such as technological advancement, adoption rates, and global events.
• Key influences on the future price of BTC include potential changes in the US Federal Reserve's interest rate policies and the outcome of Ripple's lawsuit against the Securities and Exchange Commission, both of which could significantly impact investor sentiment and market dynamics.

General Conditions

Bitcoin (BTC) has started 2024 well, with its price gradually rising in the first quarter and even reaching a new all-time high of over $73,500 in mid-March. However, in the last two months has not been This worked, with the asset briefly falling below the $60,000 mark currently It is trading at around $63,000 (according to CoinGecko data).

As such, we decided to ask ChatGPT if there is a new uptrend on the horizon this year. The AI-powered chatbot claimed that predicting Bitcoin price behavior is essential completely Speculation depends on several factors.

He hypothesized that the new uptrend could be caused by technological developments, increased adoption, positive investor sentiment, public interest, geopolitical events, etc.

Dive into the details

Besides the The factors mentioned aboveChatGPT touched on two specific elements that could send BTC prices higher: upcoming actions from the US Federal Reserve and the outcome of the lawsuit between Ripple and the US Securities and Exchange Commission.

Shortly after the outbreak of the COVID-19 pandemic, the US central bank launched a strict anti-inflation policy to reduce the inflation rate in the world's largest economy. It introduced multiple interest rate increases, which may have halted investments in riskier assets such as cryptocurrencies.

However, there are some signs that the Fed may shift away from this regime later this year, a move that many Bitcoin bulls are hoping for.

“Lowering interest rates can stimulate Money flow To Bitcoin by changing investor behavior and modifying risk appetite. “These factors combined could contribute to upward movements in the price of Bitcoin,” estimates ChatGPT.

Moreover, a decisive victory for Ripple in its legal case against the SEC could lead to an overall recovery for the cryptocurrency market. The companies went into beta last month, and according to some, Ripple has a better chance of emerging victorious due to the three partial court victories it has secured throughout 2023.

“A win for Ripple may be possible be seen As a defeat of potential abuses by regulatory bodies such as the Securities and Exchange Commission, which strengthens investor confidence in the resilience of major cryptocurrencies in the face of regulatory challenges. this It could encourage both retail and institutional investors to increase their stakes in cryptocurrencies, including Bitcoin.