(CTN News) – Is there a Bitcoin bull market? Here’s what ChatGPT has to say.
With chatbots such as ChatGPT taking center stage this year, artificial intelligence has entered our daily lives.
In addition to being commonly used to automate certain processes to assist us with some mundane tasks, it is also intriguing to poke at their artificial brains on exciting topics that many are interested in.
Cryptocurrency enthusiasts have been discussing the next bull cycle extensively, and that is to be expected.
It is no secret that we have been in a bear market for quite some time now, and people are beginning to wonder when the next positive cycle will begin. It is exactly this topic that we would like to discuss with ChatGPT, so let’s hear what it has to say.
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When will the Bitcoin bull run begin?
As those who follow us know, ChatGPT does not give right-off-the-bat predictions with concrete deadlines and specific terms.
Instead, the AI provides hints that can be used to determine the potential timeline of the next bull market.
The Bitcoin following are some of these considerations:
Use cases and adoption
Investments by institutions
Factors affecting the macroeconomic environment
Developments in technology
These are just a few, but some deserve more attention. On the issue of institutions, ChatGPT stated:
The United States Securities and Exchange Commission is currently involved in many cases involving crypto-oriented companies such as Ripple. As a matter of fact, this lawsuit is expected to have a significant impact on the entire industry.
In terms of technological developments, adoption, and use cases, the Bitcoin network has been widely used for numerous applications outside of finance in the past year, namely, Ordinals, the protocol allowing Bitcoin’s blockchain to be used to inscribe satoshis with images and other files, turning them into non-fungible tokens that are native to Bitcoin.
There is an elephant in the room.
Historically, the halving of Bitcoin has been the most significant event in defining market cycles for the entire cryptocurrency industry.
In case you are unaware, it occurs roughly every four years, and it is responsible for reducing the reward miners receive for mining a block in half.
As Bitcoin’s built-in inflation-control mechanism, it has had a significant impact on market dynamics.
Economic theory dictates that if the demand for an asset increases or remains the same while its supply declines, its price should rise. So far, that has been the case.
In 2024, the next Bitcoin halving is scheduled to occur in late Q1 or early Q2, and bull markets have typically been a bit later than that.
I am interested in seeing if history will repeat itself.