We asked ChatGPT if Bitcoin is due for a massive bull run in 2024.

TL; DR

Bitcoin in 2010 It started 2024 on a high, hitting a record high of over $73,500, although it later dropped to $63,000. A new bull run can hinge on things like technological advances, adoption rates, and global events. Key influences on BTC futures include potential changes in the US Federal Reserve's interest rate policies and the outcome of Ripple's lawsuit against the SEC, both of which can have a significant impact on investor sentiment and market volatility.

General conditions

Bitcoin (BTC) 2024 started off on the right foot, with prices slowly rising in the first quarter and reaching a new all-time high above $73,500 in mid-March. However, there are the last two months It wasn't That success, the property briefly fell below the $60K mark and currently Trading at around $63,000 (per CoinGecko data).

As such, we decided to ask ChatGPT if a new bull run is on the horizon this year. An AI-powered chatbot is said to predict the price behavior of Bitcoin. so true It is approximate and depends on many factors.

He speculated that a new bull run could be triggered by technological advances, increased adoption, positive investor sentiment, public interest, geopolitical events, and anything else.

Dive into the details

in addition The reasons mentioned aboveChatGPT touched on two specific elements that could cause BTC's price correction: actions from the US Federal Reserve and the outcome of the lawsuit between Ripple and the US SEC.

Shortly after the Covid-19 pandemic, the US central bank launched an aggressive anti-inflationary policy to reduce inflation in the world's largest economy. It has introduced several rate hikes, which may have deterred investments in risky assets such as cryptocurrencies.

However, there are some signs that the Fed may withdraw from that regime later this year, a move many BTC bulls are hoping for.

“Cutting interest rates can stimulate. cash flow Getting into Bitcoin by changing investor behavior, adjusting risk appetite. Together, these factors contribute to the upward movement in the price of Bitcoin,” ChatGPT speculated.

In addition, Ripple's decisive victory in the legal case against the SEC could ignite a general revival for the cryptocurrency market. The companies entered the trial phase last month, and according to some, Ripple has a better chance of emerging victorious in 2023 thanks to three partial court victories.

“Victory for Ripple may to appear As a setback to potential overlap with regulatory bodies such as the SEC, investors will be more resilient to regulatory challenges in major cryptocurrencies. This It can encourage retail and institutional investors to increase their holdings in cryptocurrencies, including Bitcoin,” the chatbot concluded.