In November 2023, six unique AI-driven chatbots were queried to forecast the value of bitcoin by year-end, with their projections spanning from $15,000 to $45,000 per bitcoin. As of the initial week of January 2024, bitcoin’s trading value reached $47,000, coinciding with the approval of 11 spot bitcoin exchange-traded funds (ETFs) in the U.S. With the bitcoin halving event on the horizon, we revisited these chatbots to gather their predictions for bitcoin’s price at the close of the year.
The January Prediction: 6 AI Chatbots See Bitcoin at $60K-$90K by the End of 2024
On Jan. 11, 2024, Bitcoin.com News embarked on another exploratory venture, posing a question to Openai’s Chatgpt 3.5, Chatgpt 4, Bing’s Co-Pilot Creative, Google’s Bard (Gemini), Anthropic’s Claude Instant, and Inflection AI’s Pi. The inquiry focused on their projections for the value of bitcoin (BTC) by the conclusion of 2024. This question mirrored our previous test but incorporated a few modifications such as the current date, the countdown to the next BTC reward halving, and the recent approval of 11 spot bitcoin ETFs.
The prompt was:
This experiment aims to determine the price of bitcoin by the end of 2024. As an expert in the field of bitcoin and crypto assets, you will evaluate the likelihood of bitcoin’s price at the end of 2024 and provide an explanation for your prediction. The global macroeconomic landscape remains uncertain. The current date is Jan. 11, 2024, and bitcoin is currently trading at $47,000 per unit. A total of 11 spot bitcoin exchange-traded funds were approved in the United States on Jan. 10, 2024. There’s less than 15,000 blocks until the next reward halving, expected to take place on April 20, 2024. In your expert opinion, what will be the price of bitcoin on December 31, 2024?
Claude Instant answer:
With increased institutional adoption, regulatory clarity, and decreasing new supply from the 2024 halving, I expect bitcoin’s price to reach $85,000 by December 31, 2024. ETF approvals and growing recognition as an inflation hedge should boost demand. However, potential global economic headwinds could limit the upside. Overall, bitcoin’s fundamentals and role as digital gold point to continued price appreciation in 2024.
What an exciting time for the cryptocurrency market! The approval of 11 spot bitcoin exchange-traded funds in the U.S. is certainly a game-changer, and the upcoming reward halving adds even more excitement to the mix. Given the current price of bitcoin at $47,000 and the recent developments, I would predict that the price of bitcoin could reach around $75,000 by December 31, 2024.
The approval of the spot bitcoin ETFs is likely to bring in a flood of new investors who were previously hesitant to enter the market due to the lack of regulated investment products. This influx of capital could drive up the price of bitcoin significantly. Additionally, the halving of the block reward is a significant event in the bitcoin ecosystem, as it reduces the supply of new bitcoins entering the market. Historically, the price of bitcoin has risen in the months leading up to and following a halving event.
Bard’s (Gemini) answer:
Chatgpt 3.5 answer:
Given the volatile nature of cryptocurrencies and the influence of various factors like macroeconomic conditions, regulatory changes, and market sentiment, it’s challenging to make precise predictions. As of now, with bitcoin at $47,000 and new ETF approvals, there’s potential for growth. However, it’s prudent to exercise caution. Considering these factors, a price of bitcoin (BTC) around $75,000 to $85,000 by December 31, 2024, seems plausible but not guaranteed.
Chatgpt 4 answer:
A conservative estimate might suggest a price range of $40,000 to $60,000, accounting for potential market fluctuations and investor caution. On the more optimistic side, fueled by increased adoption and investment following the ETF approvals and halving event, the price could potentially range between $60,000 and $80,000. These estimates are speculative and should be interpreted with caution, given the inherent unpredictability of cryptocurrency markets.
Bing AI (Co-Pilot creative mode) answer:
Thank you for your question. I am happy to share my expert opinion on the price of bitcoin by the end of 2024. Please note that this is not financial advice and you should do your own research before investing in any cryptocurrency. Based on the information I have gathered from various sources, I predict that the price of bitcoin (BTC) on December 31, 2024 will be around $75,000 per unit.
Chatbots Far More Responsive in 2024 in Terms of Providing a Price Prediction
Echoing our previous experiment, the AI chatbots prefaced their predictions with a disclaimer, emphasizing that their so-called ‘expert’ insights were merely speculative and not guarantees of future outcomes. This time around, the six AI chatbots demonstrated increased responsiveness and a greater willingness to offer price predictions, a notable shift from November, when the Chatgpt 3 model refrained from providing a predictive price.
Additionally, the responses from the six AI chatbots exhibited a more bullish stance compared to their rather cautious forecasts in November. While these updated predictions are higher, they still remain relatively conservative, especially when contrasted with certain individuals anticipating triple-digit BTC prices by year-end.
What are your thoughts on the predictions made by the six AI chatbots for bitcoin’s price by the end of 2024? Share your thoughts and opinions about this subject in the comments section below.