Google Bard predicts Bitcoin price at end of 2023 – Shocking Results!

Google Bard predicts Bitcoin price at end of 2023 - Shocking Results!

Google’s Bard AI tool predicts possible Bitcoin price outcomes for 2023, with experts suggesting it could reach $50,000, but also potentially fall to $20,000 or lower, due to various factors such as the state of the global economy and institutional adoption.

Generative artificial intelligence (AI) systems continue to win popularity following the emergence of ChatGPT. 

Google’s Bard is now the latest offering in this space, and although it is still in its experimental stage, its language processing capabilities are already being used in the world of digital currencies, with the tool being leveraged to generate possible price movements for numerous digital assets.

In this line, Finbold requested Bard to predict the possible price outcome for Bitcoin (BTC) by the end of 2023. To start with, Bard made it clear that it is impossible to determine BTC’s price with certainty, as the asset’s movement is influenced by factors such as the overall state of the worldwide economy. Nonetheless, on the possible Bitcoin (BTC) price, Bard invoked both bearish and positive  tendency predictions citing specialists in the industry. Reports by Bard: 

“ According to these factors, some specialists believe Bitcoin (BTC) could  accomplish $50,000 by 2023. Nonetheless, others believe it  can potentially fall back to $20,000 or even lower. In the end, the price of Bitcoin (BTC) is unpredictable and will depend on plenty of factors.”

Simultaneously, the tool shared some of the notable price predictions by renowned institutions and platforms for the end of 2023. For example, it pointed out that CoinPriceForecast places BTC’s price at $35,085, at $35,459, and Binance Crypto exchange cryptocurrency exchange at $26,364.82. 

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Nonetheless, Bitcoin (BTC) is still trying to exit the 2022 bear market that saw the maiden cryptocurrency plunged by almost 70 percent from its all-time high. 

Factors influencing Bitcoin price

Bard noted that if the economy is doing well, investors could be more willing to invest in danger assets such as Bitcoin. 

Secondly, the tool highlighted the importance of institutional adoption of Bitcoin. Reports by Bard, increased institutional interest in Bitcoin (BTC) can potentially increase prices. It is worth keeping in mind that the last Bitcoin (BTC) record-breaking peak of almost $69,000 was partly triggered by the increased entry of institutions into the space.

Elsewhere, Bard acknowledged the importance of BTC’s related technology in influencing the asset’s value as it will make it easier to use the maiden crypto. 

Bitcoin (BTC) price analysis

By press time, Bitcoin (BTC) was valued at $26,240 with daily losses of about 2%. On the weekly chart, Bitcoin is down over 4%. 

Google Bard predicts Bitcoin price at end of 2023 - Shocking Results!
Bitcoin (BTC) seven-day price chart. Source: Finbold.

In the meantime, BTC’s technical analysis remained bearish, with a summary of the one-day gauges retrieved from TradingView aligning with the ‘sell’ sentiment at 15. Moving averages are for a ‘strong sell’ at 12, while oscillators are for ‘sell’ at 3. 

Google Bard predicts Bitcoin price at end of 2023 - Shocking Results!
Bitcoin (BTC) technical analysis. Source: TradingView.

Regardless of BTC’s gloomy outlook, onchain metrics point to increased adoption. In particular, data retrieved from Coin Metrics signifies that 40 Million Bitcoin addresses now have a balance more than $1. It’s worth noting that, with BTC’s depressed prices, the data can be viewed as an indicator of the network’s quicker growth. 

Google Bard predicts Bitcoin price at end of 2023 - Shocking Results!
Number of Bitcoin (BTC) addresses. Source: Coin Metrics

Simultaneously, BTC’s downward trajectory has correlated with the traditional sector products that have been battered by the prevailing macroeconomic factors. Interestingly, there are indicators that BTC’s appeal between investors as a portfolio can potentially boost once more after the asset’s correlation with the NASDAQ index dropped to a 17- 30 days low. 

Disclaimer: The content on this site should not be considered financing advice. Investing is speculative. And once investing, your financial resources is at risk.


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