Bitcoin’s [BTC] price experienced a slight decline erasing some of the gains from the previous two days. This dip followed warnings from Federal Reserve officials, which tempered expectations for interest rate cuts this year. Despite this setback, BTC has remained within the $60,000 to $70,000 trading range. This has been the case for the past two months.
Throughout 2024, Bitcoin has seen several major events that initially sparked high hopes among its supporters. The approval of the spot exchange-traded funds [ETFs], a new all-time high [ATH] in March, and the April halving event were all expected to significantly boost Bitcoin’s price. However, recent weeks have further brought unexpected drama and uncertainty to the market.
Also Read: Bitcoin and Altcoins Surging Following CPI Report – 5 Best Crypto to Buy Now
So How High Can Bitcoin Surge By the End of 2024?
The sophisticated AI developed by OpenAI has offered its prediction for Bitcoin’s price at the end of December 2024. After analyzing a plethora of market indicators and historical data, ChatGPT has projected that BTC is most likely to trade in the range of $80,000 to $85,000 by year-end. Additionally, this prediction, while optimistic, is notably more conservative than some of the more exuberant forecasts floating in the market. The asset will trade much higher than its current price of $66,113.55.
Also Read: US Senate Overturns SEC Rule Barring Firms From Holding Bitcoin
Furthermore, the conservative optimism can be attributed to the AI’s balanced consideration of both bullish and bearish factors. While the long-term impacts of the Bitcoin halving and increased institutional participation are strong bullish signals, the ongoing regulatory developments and potential macroeconomic headwinds introduce elements of caution. Regardless of the precise year-end price, 2024 will undoubtedly be remembered as a pivotal year in Bitcoin’s ongoing evolution.
