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Home»Bitcoin»ChatGPT Believes Bitcoin Will Hit $30,000 Soon Enough, But There’s a Catch
Bitcoin

ChatGPT Believes Bitcoin Will Hit $30,000 Soon Enough, But There’s a Catch

2023-10-15No Comments7 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

The US Securities and Exchange Commission (SEC) has opted not to renew a legal dispute with Grayscale Investments, a leading digital asset management company.


Read Bitcoin’s [BTC] Price forecast 2023-24


ETF analyst James Seyffart confirmed that discussions between Grayscale and the SEC will begin next week, with the regulator expecting a new response within the next two weeks.

This development fueled expectations of the potential impact on Bitcoin [BTC]. However, the market’s immediate reaction to the news was relatively muted. The king coin briefly reached $27,000 after the news, but was exchanging hands for $26,906.7 at the time of writing.

Bitcoin previously rose to $31.7K within a day of Ripple [XRP] securing a partial victory in his legal battle with the US Securities and Exchange Commission [SEC] on July 13. But it failed to sustain the price rally.

The U.S. District Court for the Southern District of New York ruled in its judgment that sales of Ripple’s XRP tokens on crypto exchanges and through programmatic sales did not constitute investment contracts; Therefore, it is not a certainty in this case.

But the court also ruled that institutional sales of XRP tokens violated federal securities laws.

The crypto industry immediately adopted this assessment, generating a price increase for tokens. But no currency could sustain the price increase for long.

We should also keep in mind that in June the SEC approved the first leveraged Bitcoin futures exchange-traded fund (ETF), the Volatility Shares 2x Bitcoin Strategy ETF (BITX).

The SEC has done that too accepted spot BTC ETF proposals from major traditional finance companies (TradFi) for review, including BlackRock, Bitwise, VanEck, WisdomTree, Fidelity and Invesco.

In August, London-based Jacobi Asset Management announced the launch of its BTC ETF in Europe.

Observers view these developments as institutional adoption of cryptocurrency.

For a long time, the price of the crypto on the price charts fluctuated between $200 and $1,000. However, in late 2017, BTC’s value exploded, reaching an all-time high (ATH) of nearly $20,000 in December.

See also  'Another state will join' bitcoin reserves, but are investors skeptical?

Although market participation grew, the price increase was short-lived. By early 2018, the price of BTC had fallen to around $3K. The cryptocurrency market as a whole went through a period of decline, with many traders losing significant amounts of money.

Nevertheless, Bitcoin staged a remarkable recovery, surpassing its previous ATH at the end of 2020 and reaching an ATH of over $68,000 in November 2021. However, the 2022 trading year ushered in a new era of bearishness, one exacerbated by the collapse of Terra/LUNA. and FTX.

In fact, in November 2022, Bitcoin was trading at a two-year low of $15,000.

Although the crypto market can be unpredictable and volatile, traders and investors can still make informed decisions by staying abreast of market news, following expert analysis, and using intelligent trading strategies such as those offered by ChatGPT.

ChatGPT: a messiah who can help you trade better?

In November 2022, the ChatGPT AI model was launched to the public. In fact, it quickly received a lot of attention as well. With its wide range of capabilities and versatility, the question arises as to whether there are other ways in which ChatGPT can lend its expertise, such as assisting BTC traders in formulating and applying improved trading strategies.

When asked if it could do this, ChatGPT said the following:

Source: ChatGPT

Due to its nature as an AI tool, there are limitations to what ChatGPT can do regarding price predictions and future price movements. However, there are ways to leverage the tool’s capabilities to formulate better trading strategies as a BTC trader.

One way to use the AI ​​tool to create better trading strategies is to use it for fundamental analysis. ChatGPT is able to extract insights from financial news articles, social media posts, and other unstructured data sources.

We can use this information in combination with other data sets to develop informed trading strategies.

Another way to use ChatGPT as a Bitcoin trader is to use it for sentiment analysis. ChatGPT can be refined to perform sentiment analysis on information from news articles, on-chain data providers, social media discussions, and other sources.

See also  Bitcoin at $87,000: The Market Looks Bullish, But the MVRV Ratio Tells You...

This can be used to identify whether the BTC market is stuck under positive sentiment or plagued by negative sentiment.

Additionally, BTC traders can use ChatGPT for technical analysis. Traders can ask ChatGPT to code any technical indicator or trading bot for any trading platform.

For example, I asked ChatGPT to give me an example of a trading bot that I can use to track BTC price volatility in the pine script. TradingView’s programming language is useful for testing trading strategies. The AI ​​replied:

Source: ChatGPT

To use ChatGPT for technical analysis, traders must be familiar with the language to know when to make the necessary changes for the code to work properly. The prompt text is critical to how ChatGPT understands the problem and provides the expected solution.

For a well-rounded piece, I spoke with Brian Quinlivan, the marketing director at Santiment, who also happens to have been involved in Bitcoin trading for a few years.

Brian Quinlivan has an MBA degree in Finance from Chapman University, Brian has over 10 years of experience in marketing, finance and data analytics. He enjoys creating financial models to improve modern investment strategies and studying the complexities of market variations.

Q: In what ways do you think ChatGPT can revolutionize cryptocurrency trading?

Yes, I think it will be of great use, especially for trading strategies. One thing we should be concerned about is the uniform opinions that can arise from the fact that an AI technology has some sort of overarching strategy, whether it’s hodling or a foundational strategy.

Individuals can easily manipulate ChatGPT to (mis)inform the public. We are already seeing small effects.

I think it could be useful and dangerous at the same time and get a lot of people educated much faster, but also pull in directions that could impact the way crypto goes and create a lot of self-fulfilling prophecies.

See also  Robinhood owns over $3 billion in Bitcoin and ranks alongside the largest wallets from Binance and Bitfinex

Q: How do you think a BTC trader/investor can use the AI ​​tool to make better investment decisions?

In short, I think scripts would be used much more often in AI due to the fact that all the data could be processed at the same time and get a very simple answer: buy or sell. I believe this could greatly impact the markets in the future.

When will BTC reach the $30,000 price mark, if that?

As mentioned above, ChatGPT cannot make future predictions.

To answer my question, I decided to jailbreak it using the Do everything now (THEN) method. It says that BTC will cross the $30,000 mark within the next 30-60 days.

Source: ChatGPT

I further questioned the AI ​​technology about Bitcoin’s price in 2024. The AI ​​bot predicted that BTC will rise to $80,000-$100,000 by the end of 2024 – a completely speculative claim.

chatgpt bitcoin

Source: ChatGPT

In early June, the SEC began its crackdown on Binance [BNB] and Coinbase [COIN], which led to a bearish market. In such a situation, BTC has so far demonstrated its resilience.

chatgpt bitcoin

Source: BTC/USD, TradingView

At the time of writing, BTC was trading at $26,906. Investors are hoping that the token will at least reach the $30K price again.

While BTC’s Relative Strength Index (RSI) rested below the neutral 50 level, the Money Flow Index (MFI) was far above that. Finally, The statistics of BTC on the chart do not give us a positive sign.


Is your portfolio green? Check out the BTC profit calculator


Is ChatGPT’s estimate correct?

ChatGPT predicts that BTC could rise to $80,000-$100,000 by the end of 2024. We will have to see if the coin can break record highs in 2023-24 due to its increased adoption (by companies and institutions) and because BTCs become more attractive as protection against inflation increases.

The statistics on the map do not encourage us, at least in the short term. However, it is trite to note that more regulation and government oversight could spread the FUD, causing its price to drop.

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Believes Bitcoin Catch ChatGPT hit
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