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Bitcoin has been under pressure for days. However, the artificial intelligence ChatGPT still makes a bullish Bitcoin forecast. On the other hand, Meme generator AiDoge (AI) breaks the bearish mood on the markets and breaks the 4 million dollar mark. Was it worth buying now?
ChatGPT sees Bitcoin exploding
What’s next for Bitcoin? BTC has been unable to break out of $30,000 for weeks – now the price is dropping. Within the last 7 days, BTC lost about -1.6%, based on the last 24 hours it is -2.32%.
The result: the asset is currently trading at a price of $27,551, well below the $30k mark again. Only one thing is exploding right now: the fees. The reason: BRC-20 tokens take over the blockchain – which drives the costs up. The tokens are created using JSON data and the Ordinals protocol, they allow the minification and transmission of digital assets. WhaleWire’s Top Analyst Comments:
“Bitcoin transaction fees have risen to the third highest level ever.
The last two times we experienced the peak values. At 20K in 2017, and 68K in 2021.
$BTC price corrected over 80% after the previous fee increases and congestion. Are we coming again?”
#Bitcoin transaction fees have risen to the 3rd highest level ever.
The last two times we saw the peaks. At 20K in 2017, and 68K in 2021. $BTC the price was corrected by over 80% after the previous fare increase + congestion. Are we in you again? pic.twitter.com/qiq7RuK7oW
— WhaleWire (@WhaleWire) May 8, 2023
That’s what we asked the artificial intelligence of ChatGPT. This keeps a price explosion in relation to the possible upcoming spread, the so-called halving. Background: The Bitcoin Halving or Halving is an event that happens every four years and expands the reward for mining Bitcoin blocks. The next halving is expected to happen in April or May 2024, reducing the block reward from 6.25 BTC to 3.125 BTC. The goal of half: to limit Bitcoin inflation and reduce the supply of new Bitcoins.
So, ChatGPT: How likely is Bitcoin to explode after a quarter?
ChatGPT with bullish bitcoin forecast
The impact of the expansion on the price of Bitcoin is difficult to predict with certainty, as too many factors play a role (e.g. demand for Bitcoin, mining costs, competition from other cryptocurrencies and regulatory developments). But, according to ChatGPT: The previous three halves showed that the price of Bitcoin always explodes afterwards.
So what bitcoin forecast does the AI make for the next half in 2024? ChatGPT:
“We believe a move to a $250,000 bitcoin price is possible after the semi.”
The reason given by the artificial intelligence: Among other things, the well-known Bitcoin advocate PlanB developed a model called Stock-to-Flow, which estimates the price of Bitcoin based on the relationship between the existing supply and annual production of Bitcoins. ChatGPT:
“Also according to this model, after the quarter, the price of bitcoin could rise to over $250,000.”
One thing to keep in mind, however, is that more skeptical voices are warning that the current price of bitcoin has already halved – and that there is no guarantee that the demand for bitcoin will keep up with the reduction in supply.
In addition, the halving could also have a negative impact on the security and decentralization of the Bitcoin network if some miners quit their operations or create large pools to stay profitable.
Finally, an emphasis on ChatGPT: It is a speculative prediction that depends on many uncertainties and variables. It is therefore advisable not only to focus on the half, “but also consider other factors that can affect the Bitcoin market”.
Apart from that, however, there are many other promising options – according to analysts, the AI growth area is particularly lucrative project harbors, such as the meme generator AiDoge (AI).
It’s creating a stir with its AI-backed meme generation and has already broken the 4 million dollar mark in the current pre-sale. But what kind of cryptocurrency AiDoge?
AiDoge (AI): Investors invest $4.1 million
AiDOGE (AI) is the youngest shooting star among meme coins. Its unique selling point: AiDoge combines artificial intelligence (AI) with memes!
The Ethereum-based blockchain project uses state-of-the-art AI technology to filter relevant data, create memes from it and distribute it. The goal: to create an interactive and dynamic platform that appeals to investors and crypto enthusiasts alike.
In this regard, AiDOGE is more than “just” a funny and original coin – the project explores the limits of what is possible and pushes the industry forward into unknown territory. Unlike Dogecoin, Pepe or Shiba Inu Coin, AiDoge offers huge potential for growth and innovation – attractive results could be seen here, especially for early adopters. Forecasts thus confirm the enormous potential of AiDoge and consider even 100x possible:
Last updated May 9, 2023
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