The price of bitcoin on April 28, 2024, was $62,900 per unit at 7:28 p.m. Eastern Time (ET). However, it dipped below $62,000 by Monday morning ET and then recovered above $62,000 by mid-afternoon. It has been nine days since the last halving event and 109 days since the approval of U.S. spot bitcoin exchange-traded funds. After making several predictions about BTC price outcomes using AI-based chatbots, we decided to reassess our experiment and evaluate the current forecasts made by seven popular chatbots available today.
As we enter 2024, bitcoin (BTC) remains consistently above the $60,000 mark, having maintained this level for over 60 consecutive days. On January 10, approximately 11 U.S. spot bitcoin exchange-traded funds (ETFs) received approval, with nine of them significantly attracting BTC away from the market. On the other hand, Grayscale’s Bitcoin Trust (GBTC) has sold a significant amount of its BTC holdings. Although these ETFs initially set trade volume records, their trading activity has slowed down, and the inflow of funds has decreased.
The halving event has already occurred, introducing the Runes protocol and causing unusually high transaction fees that exceeded $240 for a day and a half on April 19. Bitcoin miners are now earning an average of 3.55 BTC per block, resulting in reduced returns. Enthusiasts are eagerly anticipating the launch of the Hong Kong spot BTC and ETH ETFs this week, as well as the potential approval of ETH-based spot ETFs by the U.S. Securities and Exchange Commission. Putting these developments aside, we consulted seven AI chatbots to obtain their end-of-year bitcoin price forecasts.
We asked Anthropic’s Claude 3 Sonnet, Openai’s Chatgpt 3 and 4, Mistral AI’s Le Chat, Google’s Gemini, Inflection AI’s Pi, and Microsoft’s Copilot creative mode to provide their predictions using the same prompt.
Claude 3 Sonnet’s prediction is that bitcoin’s price on December 31, 2024, will likely be around $82,000 per unit. The approval of spot ETFs, increased institutional adoption due to regulatory clarity, and the impact of the recent halving event on supply dynamics will drive the bullish momentum, despite macroeconomic uncertainties.
Le Chat predicts a bullish trend considering the recent approval of bitcoin ETFs, increased institutional adoption, and the supply reduction from the halving event. However, the uncertain macroeconomic landscape poses risks. Balancing these factors, Le Chat predicts that bitcoin’s price will reach $85,000 by December 31, 2024, driven by demand growth and supply constraints.
Copilot’s response to the prompt is not available.
Chatgpt 4 acknowledges the challenge of predicting bitcoin’s price precisely due to its volatility and external factors. However, it highlights the potential higher demand from the approval of bitcoin ETFs and the reduced supply from the block rewards. These factors could drive bitcoin’s price above its current level by the end of 2024.
Gemini’s response to the prompt is not available.
Chatgpt 3.5 expects bitcoin’s price on December 31, 2024, to trend higher, potentially surpassing $100,000. Increased institutional adoption, ETF approvals, and the effects of the halving event contribute to this prediction. Ongoing global economic uncertainties also drive continued interest in bitcoin’s decentralized store of value properties.
Pi AI predicts that bitcoin’s price could reach new highs by the end of 2024, considering the block reward halving and the approval of 11 spot bitcoin ETFs in the United States. Barring any unforeseen macroeconomic or regulatory challenges, Pi AI predicts a potential valuation of $80,000 to $85,000 per unit. This underscores continued institutional adoption and growth in the broader crypto asset market.
What are your thoughts on the predictions made by these seven AI chatbots for bitcoin’s price by the end of 2024? Share your thoughts and opinions in the comments section below.
