The price of Bitcoin has fluctuated wildly over the past few years, reaching dazzling highs followed by scary lows. According to AI assistant ChatGPT, the leading cryptocurrency could theoretically rise to $100,000 at some point in 2024. However, only if several stars align.
WatcherGuru posed some questions regarding BTC’s possibility of hitting $100,000 in 2024. ChatGPT said Bitcoin hitting the six-figure threshold in 2024 remains “highly speculative.” However, the AI assistant said that it was possible given the right blend of positive regulatory action, increasing mainstream adoption, and macroeconomic trends like currency devaluation and inflation.
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“The value of Bitcoin and other cryptocurrencies is influenced by various factors, including market demand, regulatory developments, and macroeconomic trends. Predicting specific price points is highly speculative, and it’s essential to approach such forecasts with caution, said ChatGPT.
Bitcoin ETF approval could affect BTC’s price
One potential catalyst for a rise in Bitcoin price is the approval of a spot Bitcoin ETF in the United States. In addition, giving mainstream investors easy access to Bitcoin via their normal brokerage account could drive up demand substantially. Institutional investors may also view an ETF as a regulatory green light and finally take the crypto plunge.
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ChatGPT made it clear that Bitcoin hitting a $100,000 valuation remains a speculative outcome given the currency’s historical volatility. However, if various likely and unlikely factors converge in 2024, BTC could likely hit $100,000.