The price of Bitcoin after the 2024 halving the Artificial intelligence has the answer
Specifically, we have used ChatGPT, a chatbot based on the GPT-4 language model, which is capable of generating coherent and creative texts from an input. We asked ChatGPT what he thinks about the Bitcoin halving and how it will affect the price of the world's most popular cryptocurrency. This is what he responded to us: ChatGPT: The Bitcoin halving is a very important event for the cryptocurrency ecosystem as it affects the supply and demand of Bitcoin.
By reducing the reward for miners, inflationary pressure is reduced and savings are incentivized. This usually causes the price of Bitcoin to rise in the long term as it becomes more scarce and valuable. However, the price of Bitcoin also depends on other factors, such as adoption, regulation, competition, innovation, and macroeconomic conditions. Therefore, one cannot accurately predict what will happen after the 2024 halving, but a likely range can be estimated based on historical trends and current data. Us: And what would that likely range be? ChatGPT: According to TradingView data, the price of Bitcoin has followed a cyclical pattern in which each halving has preceded a price peak approximately one year later. For example, the first halving occurred in November 2012 and the price of Bitcoin reached its all-time high in December 2013, exceeding $1,000.
The second halving occurred in July 2016 and the price of Bitcoin reached its all-time high in December 2017, exceeding $19,000. The third halving occurred in May 2020 and the price of Bitcoin reached its all-time high as of now in April 2021, exceeding $64,000. If this pattern repeats itself, the price of Bitcoin could be expected to reach a new all-time high in May 2025, a year after the fourth halving. However, the multiplier factor for each cycle has been decreasing, indicating market maturation and lower volatility.
Therefore, it could be estimated that the price of Bitcoin will be between $120,000 and $180,000 in May 2025, which would mean multiplying by two or three the current price of about $60,000. Us: What do you think of the most optimistic predictions that Bitcoin will surpass $300,000 in 2024? ChatGPT: I think they are unrealistic and based on excessive expectations. We must not forget that Bitcoin is a very speculative asset and subject to great uncertainty.
Additionally, there are many challenges and risks that could slow its growth, such as competition from other cryptocurrencies, government regulation, cyber attacks, technological innovations, and economic crises.
What advice would you give to investors interested in Bitcoin?
ChatGPT: I would tell you that Bitcoin is a unique opportunity to participate in the decentralized finance revolution, but it also involves high risk and high responsibility. Therefore, I would recommend that you educate yourself well about how Bitcoin works, diversify your portfolio, invest only what you can afford to lose, and be patient and disciplined. I would also suggest that they use reliable and secure platforms to buy, sell and store their bitcoins, such as Bitcoin Minetrix, a staking-to-mine platform that allows you to mine bitcoins using staking credits and that offers a higher profitability than the market average.
