Bitcoin Opens the Week with a Record: Price Predictions from AI and Experts
Date: 2024-05-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
BTC Rising to $70,000: The New Bull Market Begins
Bitcoin (BTC) started the week with impressive gains, surpassing $70,000 on May 20, pulling the rest of the cryptocurrency market with it. This surge has prompted a series of optimistic predictions from various artificial intelligence (AI) algorithms.
Artificial Intelligence: Bitcoin Price Predictions
One of the AI algorithms, based on BTC statistics and technical analysis indicators, predicted that Bitcoin will reach $97,264 on August 1, 2024, which represents an increase of 44.89% compared to current values.
Predictions from GPT-4o and Claude 3 Opus
OpenAI's latest development, known as GPT-4o, has predicted that by August 1, 2024, the price of Bitcoin will be between $76,348.50 and $89,108.83, based on current market factors and historical trends.
An even more optimistic forecast was provided by the Claude 3 Opus anthropic AI model, which outlined a range from $105,072 to $167,808. This forecast takes into account sentiment after the Bitcoin halving, exchange-traded funds and other factors.
Impact of Institutional Implementation
The approval of spot Bitcoin ETFs in early 2024 led to significant inflows. Thus, one BlackRock ETF accumulated more than 16,000 BTC within a few days of its launch. Continued institutional implementation may contribute to further price increases.
Expert Opinion: Goal of $100,000
An expert under the pseudonym TradingShot also suggested that Bitcoin could reach a whopping $100,000 after July 2024. His forecast is based on an analysis of technical indicators and the bullish sentiment prevailing after a significant correction in early May.
Bitcoin's rise to $70,000 has become a catalyst for optimistic forecasts from both AI and experts. With continued institutional adoption and positive market sentiment, many expect Bitcoin could reach new heights in the coming months.
