Artificial intelligence predicts bitcoin exchange rate for 2024

Finbold analysts turned to Google’s chatbot Bard to ask the neural network to predict the price of the flagship crypto asset at the beginning of next year. According to the AI, «the potential price range for bitcoin in early 2024 could be between $ 40,000 and $ 60,000,» which «reflects the possibility of a moderate price increase due to the approach to halving, growing institutional interest, and the ongoing development of the network.»

At the same time, Bard warns that this is only a potential price range, and the value of the first cryptocurrency in early 2024 may be higher or lower, so it is very important to conduct thorough research and exercise caution before making any investment decision.

According to the AI platform, the price of BTC at the beginning of the year can be affected by a number of factors, including the historical price dynamics, which has experienced significant fluctuations throughout its history, reaching an all-time high (ATH) of almost $ 69,000 in 2021, but then dropped significantly.

In addition, the approach to halving in April 2024 «is an important event that could positively affect the price.» The AI added that «halving reduces the reward for mining bitcoin, which could potentially lead to a decrease in supply and an increase in demand, which could lead to a price increase.»

In addition, the chatbot noted «a strong and passionate community of bitcoin users and supporters who believe in its potential as a decentralized and transformative technology.»

The chatbot added that «institutional investors, such as hedge funds and large corporations, are showing increasing interest in bitcoin, recognizing its potential as a hedge against inflation and a store of value,» which Google Bard said could further boost the price of bitcoin.

Finally, the chatbot pointed to «ongoing developments in the Bitcoin network, such as the introduction of the Lightning Network for faster and cheaper transactions,» which «could increase its scalability and usability, potentially attracting more users and driving demand.»

At the time of writing, bitcoin is trading at $ 37,490, up 5.4% from a day ago. The coin’s market capitalization has reached $ 732.6 billion. Traders made daily trading deals worth $ 28.5 billion. Bitcoin’s dominance in the market amounted to 51%.