Generative artificial intelligence (AI) systems continue toย win popularity following the emergence of ChatGPT.ย
Googleโs Bard is now the latest offering in this space, and although it isย still in its experimental stage, its language processing capabilities are already being used in the world of digitalย 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 Bitcoinย (BTC) by the end of 2023. Toย start with, Bard madeย itย clearย that it is impossible to determine BTCโs price with certainty, as the assetโs movement is influenced by factors such as the overall state of the worldwide economy. Nonetheless, on the possible Bitcoinย (BTC) price, Bard invoked both bearish and positiveย tendency predictions citing specialists in the industry. Reportsย by Bard:ย
โ Accordingย to these factors, some specialists believe Bitcoinย (BTC) couldย accomplish $50,000 by 2023. Nonetheless, others believe itย canย potentially fall back to $20,000 or even lower. Inย theย end, the price of Bitcoinย (BTC) is unpredictable and will depend on plentyย of factors.โ
Simultaneously, the tool shared some of the notable price predictions by renowned institutions and platforms for the end of 2023. Forย example, it pointedย outย that CoinPriceForecast places BTCโs price at $35,085, Finder.com at $35,459, and Binanceย Cryptoย exchange cryptocurrency exchange at $26,364.82.ย
Nonetheless, Bitcoinย (BTC) isย still tryingย to exit the 2022 bear market that saw the maiden cryptocurrency plunged by almost 70 percent from its all-time high.ย
Factors influencing Bitcoin price
Bard notedย that if the economy is doing well, investors couldย be more willing to invest in dangerย assets such as Bitcoin.ย
Secondly, the tool highlighted the importance of institutional adoption of Bitcoin. Reportsย by Bard, increased institutional interest in Bitcoinย (BTC) canย potentially increase prices. It is worth keepingย inย mindย that the last Bitcoinย (BTC) record-breakingย peak of almost $69,000 was partly triggered by the increased entry of institutions into the space.
Elsewhere, Bard acknowledged the importance of BTCโs related technology in influencing the assetโs value as it will make it easier to use the maiden crypto.ย
Bitcoinย (BTC) price analysis
By press time, Bitcoinย (BTC) was valued at $26,240 with daily losses of about 2%. On the weekly chart, Bitcoin is down over 4%.ย
Inย theย meantime, BTCโs technical analysis remained bearish, with a summary of the one-day gauges retrieved from TradingView aligning with the โsellโ sentiment at 15. Moving averages are for a โstrong sellโ at 12, while oscillators are for โsellโ at 3.ย
Regardlessย of BTCโs gloomy outlook, onchain metrics point to increased adoption. Inย particular, data retrieved from Coin Metrics signifies that 40 Million Bitcoin addresses now have a balance moreย than $1. Itโsย worthย notingย that, with BTCโs depressed prices, the data can be viewed as an indicator of the networkโs quicker growth.ย
Simultaneously, BTCโs downward trajectory has correlated with the traditional sector products that have been battered by the prevailing macroeconomic factors. Interestingly, there are indicators that BTCโs appeal between investors as a portfolio canย potentially boost onceย more after the assetโs correlation with the NASDAQ index dropped to a 17- 30ย days low.ย
Disclaimer:ย The content on this site should not be considered financing advice. Investing is speculative. Andย once investing, your financialย resources is at risk.
