Bitcoin’s Future Price Predictions for Late 2024
Last year, Bitcoin experienced a significant rally, reaching as high as $44,000 in December 2023. However, the start of this year has been marked by volatility and uncertainty. Currently, Bitcoin is priced at $42,875.
The initial movements of Bitcoin were driven by expectations of SEC approval for spot Bitcoin ETFs. After the ETF approvals on January 10, BTC climbed above $48,000 before retracing significantly. Another event that will likely impact Bitcoin’s price is the upcoming halving in three months.
Three Conversation Tones and Methodology
Microsoft recently released its AI platform Copilot, which is based on OpenAI’s ChatGPT 4 model. Finbold decided to test Copilot’s three conversation tones – Balanced, Precise, and Creative – to predict where Bitcoin might be in late 2024.
Finbold provided the same prompts to each conversation tone and limited the price range to no more than $3,000. The goal was to obtain a plausible estimate while acknowledging the speculative nature of the scenario.
Copilot Estimates Bitcoin Price
In both Balanced and Creative modes, Copilot estimated that Bitcoin could be between $60,000 and $63,000 by late 2024. The difference between the two modes was in their justifications for this range.
Creative Copilot mentioned factors such as the halving driving prices up, ETF approvals boosting interest and liquidity, Ethereum 2.0 as a competitor to Bitcoin, and a gradual normalization of monetary policy as stabilizing factors.
On the other hand, Balanced Copilot focused more on the math behind the halving and historical data. It predicted that post-halving Bitcoin could rise to $97,295 but factored in a correction of 33% to 41%, resulting in the estimated range of $60,000 to $63,000.
Precise Copilot was more conservative and predicted a year-end price range of $45,000 to $48,000. It based its estimate on continuation of trends, the impact of ETFs and the halving, regulatory developments, and broader economic factors.
Hot Take: Bitcoin’s Future Price
Based on Microsoft’s Copilot AI platform, three conversation tones provided different estimates for Bitcoin’s price in late 2024. While the Balanced and Creative modes projected a range of $60,000 to $63,000, the Precise mode was more conservative with an estimated range of $45,000 to $48,000. These estimates take into account factors such as the halving, ETF approvals, competition from Ethereum 2.0, and broader market conditions. However, it is important to note that these predictions are speculative and subject to change as the crypto market is highly volatile.