January 5, 2024
By Anjali Kochhar
When OpenAI’s ChatGPT large language model AI was made available to the public in late 2022, artificial intelligence had its Big Bang moment. Others began to question ChatGPT’s exclusive monopolistic status in response to the network’s growth. Elon Musk launched his own beta platform, Grok, in late 2023, while Google created Bard, which is now a strong competitor. There are even more initiatives in the works.
AI is now the answer to everything, as Microsoft founder Bill Gates noted in his year-end report on his personal blog.
AI holds the potential to elevate mental health, education, and various other domains. This steadfast belief centers around the conviction that innovation can offer every child an equal opportunity to thrive. In this context, AI is no exception.
What if, on the other hand, this invaluable knowledge was applied to address the central issues in the crypto field? What will happen to the Bitcoin BTC tickets at $45,282 in 2024? Which altcoin will perform better? What time will institutional money start to add liquidity to the cryptocurrency markets? Is AI in cryptography just air?
Joking aside, Cointelegraph investigates if the genie of AI that escaped from its bottle might provide insightful analysis for 2024.
Will 2024 see Bitcoin hit a new all-time high?
Although Google’s Bard first considered it “difficult” to forecast the future price of a “volatile asset like Bitcoin,” it ultimately caved and offered a forecast based on analysts’ opinions.
According to its comprehensive understanding, the price of Bitcoin will reach a new top of approximately $120,000 in 2024.
According to a number of estimates, Bitcoin might cost $120,000 by 2024. These forecasts are predicated on a number of variables, including the halving of Bitcoin, its increasing usage, regulatory clarity, and the possibility of the establishment of a spot Bitcoin ETF (exchange-traded fund).
Bard projected that the general price of bitcoin will range from $50,000 to $120,000 in 2024. The range is broad, making it simple to make an accurate estimate. As of this writing, the price of Bitcoin is hovering around $42,000. It is therefore not absurd to think that Bitcoin will reach $50,000 in 2024.
In response to a question about how the highest valuation was determined, Bard said that $120,000 appeared to be a magic number for a number of specialists.
The ChatGPT implementation by Bing reaches the $120,000 pricing goal.
Nevertheless, one of the most recent predictions was overlooked by both AIs. One of the most well-known and contentious analysts in the cryptocurrency field, PlanB, recently revealed his optimistic forecast for Bitcoin in 2024: a whopping $532,000.
The analyst emphasized how favorable conditions were building for a fresh bull market cycle. As proof, PlanB put up a series of graphs, which included his well-known Stock-to-Flow and Market Cycle Model. According to him, Bitcoin has moved “beyond the point of no return.”
Which cryptocurrency trends may we expect in 2024?
A large portion of the cryptocurrency community anticipates 2024 to be a good year because of the favorable circumstances surrounding the price of bitcoin. Every AI takes a different tack when it comes to anticipated developments in the cryptocurrency sector.
The foundation of Bard’s strategy is institutional investment. According to Google AI, institutional usage of cryptocurrencies will increase by 2024 as they utilize digital assets as a hedge against inflation or a means of storing value. Prices for cryptocurrencies will increase as institutional investments become more commonplace.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
