Artificial intelligence (AI) may influence Bitcoin's price surge to $100,000 in 2024, suggests ChatGPT, the latest version of the AI chatbot. In response to inquiries from Cointelegraph on January 1, ChatGPT cautiously stated that while it is "theoretically possible," such a rise in Bitcoin's value remains highly speculative.
ChatGPT identified several potential factors contributing to this scenario, including positive regulatory developments, increased adoption from retail and institutional investors, and concerns about currency devaluation or inflation. The approval of a spot Bitcoin exchange-traded fund (ETF) is highlighted as a factor that could positively impact Bitcoin's price by enhancing accessibility and liquidity, potentially attracting institutional investors.
Regarding the role of AI in achieving the $100,000 mark, ChatGPT explained that AI's contribution would manifest through market analysis, trading strategies, and advancements in blockchain technology. AI algorithms, it noted, possess the ability to process vast amounts of market data, identifying trends and patterns that might elude human analysts.
ChatGPT emphasized the advantages of AI-driven trading bots, highlighting their capability to execute trades optimally based on market conditions. The chatbot noted that these bots operate with greater speed than humans, particularly in fast-paced market environments. However, it also acknowledged the accompanying risks, citing the case of a trading bot in 2022 that suffered a $1 million loss due to a hacker exploiting vulnerabilities.
While the prospect of Bitcoin reaching $100,000 in 2024 remains speculative, AI's potential role in influencing market dynamics, trading strategies, and technological advancements adds a layer of complexity and opportunity to the cryptocurrency landscape.
