Artificial intelligence predicts growth for bitcoin cryptocurrency in the near future

Over the past 24 hours, the price of the flagship crypto asset has increased by 4.14% - bitcoin is trading at $ 28,240. The total number of coins circulating on the market is $ 550.7 billion, and traders have made daily trading deals worth $ 12.8 billion. The market dominance of BTC has increased to 49.3%.

Cryptocurrency experts note that the growth of the main cryptocurrency’s performance occurred amid the liquidation of millions of short positions and an increase in trading volume around the world. As the market sentiment is improving, CryptoPotato analysts used ChatGPT chatbot and asked the AI how high the price of bitcoin could be during the next wave of growth.

According to the AI, some of the most important factors determining the start of the next bull run include the following points:

• The introduction of BTC and common cryptocurrency use cases
• Institutional investment
• Regulation
• Macroeconomic factors
• Technological development.

Nevertheless, ChatGPT reminded that the market leader is preparing for a correction due to halving, which will take place in the spring of 2024.

The chatbot also identifies numerous factors that will determine the price of bitcoin during the next wave of growth. One of them is the attraction of institutional investors.

Indeed, companies such as MicroStrategy already hold huge amounts of BTC, but many crypto experts believe that institutional adoption of bitcoin has not yet reached the level that it could if a spot bitcoin ETF were approved.

In this regard, the U.S. Securities and Exchange Commission (SEC) has recently postponed several applications for a spot bitcoin ETF. In particular, the agency postponed its decision on the applications of BlackRock, Valkyries, Invesco, and Bitwise.

Nevertheless, some of the most interesting price forecasts for BTC during the next bull round include:

• $ 148 thousand by Pantera Capital
• $ 100 thousand by March 2024 from Adam Beck
• $ 120 thousand in 2024 from Robert Kiyosaki
• $ 100 thousand by 2024 from Standard Chartered.