(CTN News) – ChatGPT has garnered widespread recognition inartificial intelligence (AI). Additionally, this powerful tool can provide insight into potential price movements for diverse assets within the market, which can be applied to trading.
Based on metrics such as technical analysis (TA), historical price action, and other popular metrics, Finbold asked ChatGPT to make predictions for Bitcoin’s (BTC) price by 2023.
Despite the fact that the chatbot stated that predicting the future price of BTC was “inherently uncertain” due to the fact that it is influenced by a number of factors, it also explained why the leading cryptocurrency is likely to gain in value over the coming years.
One of the most notable aspects of OpenAI’s chatbot tool is that the tool lists “increased adoption, institutional involvement, halving events, and market sentiment and speculation” as key drivers that are likely to propel BTC by the end of the year 2023.
BTC price prediction using artificial intelligence
In the meantime, CoinPriceForecast, one of the most widely used price prediction tools, predicted a substantial surge in price over the next few years.
In accordance with the predictions of the forecast website, Bitcoin is expected to hit a price of $35,085 by the end of 2023, implying a potential upside of more than 30%.
I would like to draw attention to the fact that this is over $2,000 more than the price prediction retrieved back in February.
According to the tool, Bitcoin is expected to reach $40,290 at the end of 2024 and $45,766 at the end of 2025.
Analyses of Bitcoin prices
Michal van de Poppe, a crypto analyst who regularly predicts the future price of bitcoin, highlighted a certain support zone that Bitcoin must hold in order to avoid a significant price crash earlier this week.
Specifically, the expert stated that Bitcoin must remain between the range of $26,800 and $27,000 in order to prevent the cryptocurrency from going below $26,000 “for a possible bullish divergence” if it fails to do so.
At the time of publication on Friday, May 19, Bitcoin was trading at $26,845, down 1.95% from the previous day’s price.
As of the beginning of this week, the world’s biggest crypto coin has gained about 1.88% over the past week. Nevertheless, BTC has gained a significant amount since the start of 2023, gaining over 61% in that period.