Analysts vs. AI: Whose 2023 Crypto Predictions Were More Accurate?
Date: 2024-01-04 Author: Dima Zakharov Categories: IN WORLD
The Experiment Setup
In June 2023, BeInCrypto's team asked experienced analysts to provide their predictions for Bitcoin's year-end price. At the same time, they tasked the AI chatbot, ChatGPT, with the same challenge. Let's take a look at the forecasts from both sides:
The analysts surveyed by BeInCrypto leaned towards Bitcoin ending the year in a sideways trend. Some even considered the possibility of the cryptocurrency reaching $40,000. The consensus forecast suggested a sideways movement with slight growth.
ChatGPT, on the other hand, outlined two potential scenarios for Bitcoin's price, with a wide range of possible outcomes. The first scenario did not rule out a surge to as high as $200,000 if buyers remained active. The chatbot's pessimistic scenario anticipated Bitcoin entering the New Year within the range of $30,000 to $60,000, in response to regulatory pressures.
Whose Forecast Was More Accurate?
The analysts consulted by BeInCrypto turned out to be correct. Bitcoin did indeed close the year in a sideways trend, celebrating the holiday season near the $42,000 mark. Shortly after the New Year, BTC embarked on a journey to set new local highs.
Summing Up
BeInCrypto's experiment demonstrates that, for now, artificial intelligence struggles to compete with seasoned analysts in predicting market behavior with precision. There are numerous reasons for this, including AI's limitations in interpreting market nuances and the lack of access to data available to human analysts. Therefore, it can be concluded that, at this moment, AI is not capable of replacing experienced market experts.
