ChatGPT Makes Predictions on the Bitcoin Price After The 2024 Halving – Will BTC20 Also Explode?
With under nine months to go until bitcoin (BTC)’s next halving event, excitement is growing about a potential rally to fresh all-time highs.
When the bitcoin blockchain adds its 840,000th block, which is estimated to occur on the 21st of April 2024, the reward rate for miners is set to half from 6.25 BTC to 3.125 BTC, resulting in a halving of the inflation rate of the bitcoin supply.
The bitcoin issuance rate is halved roughly every four years to make sure that the bitcoin supply never exceeds its inbuilt limit of 21 million tokens.
Bitcoin halving events, such as in 2016 and 2020, have historically occurred ahead of impressive run ups in the bitcoin price, hence why excitement is starting to build up.
Matrixport and British multi-national bank Standard Chartered recently put out forecasts for bitcoin to exceed $100,000 next year after the halving.
Meanwhile, Morgan Creek Capital recent projected bitcoin to rise above $300,000 by the 2028 halving.
With that in mind, we asked ChatGPT where it thinks the bitcoin price could go after the halving in 2024.
Here’s what the leading artificial intelligence chatbot said.
“Given the past trends of Bitcoin halving events causing an increase in the price, it's plausible that this pattern may continue,” ChatGPT begins, before noting that “after the last two halvings, in 2016 and 2020, Bitcoin reached its all-time highs about a year later”.
“If this pattern holds, it is reasonable to forecast a significant increase in the Bitcoin price post-2024 halving, potentially even doubling or tripling the pre-halving price… This could place Bitcoin in the range of $60,000 to $90,000”.
However, the chatbot warned that regulatory changes, technological advancements, macroeconomic trends and other factors
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