How AI Can Help Bitcoin Reach $100K By 2024

The Role of AI in Bitcoin’s Price Reaching $100,000 in 2024

The latest version of AI chatbot ChatGPT, GPT-4, has suggested that artificial intelligence (AI) could play a role in a scenario where Bitcoin’s (BTC) price reaches $100,000 in 2024. On Jan. 1, Cointelegraph asked the AI chatbot if this was theoretically possible and what factors could be involved.

According to the AI chatbot, it is “theoretically possible” for Bitcoin to reach $100,000 in 2024 if certain conditions are met. These conditions include positive regulatory developments, increased retail and institutional adoption, currency devaluation or inflation, and the approval of a spot Bitcoin exchange-traded fund (ETF). The AI noted that a spot BTC ETF approval would provide greater accessibility and liquidity to the asset, as well as encouraging institutional investors to enter the market.

In conclusion, AI and machine learning (ML) can play a role in Bitcoin’s price reaching $100,000 in 2024, but this remains highly speculative. Positive regulatory developments, increased retail and institutional adoption, currency devaluation or inflation, and the approval of a spot Bitcoin exchange-traded fund (ETF) could all contribute to this result.

AI and Bitcoin Reaching $100,000 in 2024

Cointelegraph then asked ChatGPT how AI could contribute to Bitcoin reaching $100,000 in 2024. The AI chatbot explained that AI could play a role in this potential scenario through its influence on market analysis, trading strategies and broader technological advancements in blockchain.

ChatGPT noted that AI algorithms can process large amounts of market data and identify trends and patterns that human analysts could miss. Additionally, AI-driven trading bots could execute trades at optimal times depending on market conditions, and react much faster than humans in a fast-paced market environment.

While there are benefits to using AI in trading, ChatGPT pointed out that it also comes with significant risks, such as hacking and cyberattacks. For example, in 2022, a trading bot gained $1 million through an arbitrage trading opportunity, but was tricked into authorizing a malicious transaction, draining all the funds.