• ChatGPT predicts that the Bitcoin price could double or triple after the 2024 halving.
• The halving event is estimated to occur on April 21st 2024, and historically has led to impressive run ups in the Bitcoin price.
• Morgan Creek Capital projects that Bitcoin may exceed $300,000 by 2028’s halving.
Bitcoin Halving Events
When the bitcoin blockchain adds its 840,000th block, which is estimated to occur on the 21st of April 2024, the reward rate for miners is set to half from 6.25 BTC to 3.125 BTC, resulting in a halving of the inflation rate of the bitcoin supply. The bitcoin issuance rate is halved roughly every four years to make sure that the bitcoin supply never exceeds its inbuilt limit of 21 million tokens. Bitcoin halving events such as in 2016 and 2020 have historically occurred ahead of impressive run ups in the bitcoin price hence why excitement is starting to build up.
Predictions for Post-Halving Price Surge
Matrixport and British multi-national bank Standard Chartered recently put out forecasts for bitcoin to exceed $100,000 next year after the halving . Meanwhile, Morgan Creek Capital recent projected bitcoin to rise above $300,000 by the 2028 halving. With that in mind we asked ChatGPT where it thinks the bitcoin price could go after this upcoming 2024 halving event.
ChatGPT’s Prediction
ChatGPT began by noting that “after the last two halvings, in 2016 and 2020, Bitcoin reached its all-time highs about a year later” and went onto say “it is reasonable to forecast a significant increase in the Bitcoin price post-2024 halving potentially even doubling or tripling pre-halving price… This could place Bitcoin in range of $60,000 -$90,000” However it noted that regulatory changes technological advancements macroeconomic trends and other factors could all also dramatically influence this result.
Projections Compared To Other Models
If bitcoin was reach ChatGPT forecasted prices then it would represent 2-3x gains from current prices just under 30k dollars over just a few short years – an impressive return compared with traditional assets. And ChatGPTs prediction actually quite conservative compared with other projections such as those provided by The Bitcoin Stock-to-Flow pricing model which shows an estimated price level based on number of BTC available market relative amount being mined into circulation each day/year etcetera
Conclusion
In conclusion predictions are high for potential growth post 2024 Halvin event however there remains uncertainty due external factors which can effect overall performance potential growth still looks very positive for investors looking long term investment opportunities with cryptocurrency space