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Finbold analysts talked to artificial intelligence from OpenAI about the future of the bitcoin cryptocurrency. The new o1 neural network has predicted the value of BTC $77,206.38 Bitcoin -2.08% Market capitalization $1.55 trillion VOL. 24 hours $1.11 billion by the end of 2024.
In its bullish forecast, o1 believes that bitcoin could «experience a significant upward momentum,» pushing prices above its all-time high (ATH). The conservative forecast for the BTC price is in the range of $ 80,000 to $ 100,000 by the end of 2024.
However, AI also has a bearish case for bitcoin, potentially keeping it between $ 60,000 and $ 70,000. This could happen against the backdrop of «unfavorable regulatory actions, macroeconomic downturns, or persistent negative sentiment,» o1 writes.
«Based on the factors outlined above, I predict that bitcoin could reach around $ 90,000 by the end of 2024. This estimate assumes a positive market reaction to the halving event, further institutional adoption through spot exchange-traded funds, and a stable macroeconomic environment. However, it is important to recognize the high volatility of cryptocurrency markets and the potential for unpredictable events that could significantly affect prices,» — o1 OpenAI model, via NanoGPT API.
At the time of writing, BTC is trading at $ 58,519, having accumulated 119% year-on-year growth since September 13, 2023. On the other hand, the chart shows a six-month downtrend with lower highs and lower lows since ATH hit $ 73,800 in March.