Since its launch in 2009, Bitcoin, the first decentralized cryptocurrency in the world, has had its own ups and downs.
Many have questioned the viability and future of the cryptocurrency industry in the wake of its spectacular ascent and catastrophic falls. Nevertheless, despite the ambiguity, the alpha coin has persisted in its growth, and experts anticipate that the digital asset will experience tremendous growth in 2023.
ChatGPT Sees Bitcoin Reaching $100K This Year
According to ChatGPT, a linguistic model built on data patterns and analysis, Bitcoin will achieve its highest price to date in 2023, peaking at between $100,000 and $120,000.
The outlook is supported by a number of elements, such as the present optimistic market trend, rising levels of mainstream use, and rising institutional investment.
The influx of institutional investors into the cryptocurrency market has been one of the main factors boosting BTC price recently.
Significant investments into the crypto by well-known companies like MicroStrategy and Tesla indicate a shift in the public’s perception of the virtual currency.
Further establishing Bitcoin’s credibility and expansion potential are plans to offer cryptocurrency trading and investment services to clients from large financial organizations like Goldman Sachs and JPMorgan.
As more people get at ease with the idea of utilizing digital assets for regular transactions in 2023, this trend is likely to continue, significantly boosting BTC’s value and market size.
Image: NURPHOTO VIA GETTY IMAGES
Rising Regulatory Clarity Could Help Bitcoin Flourish In 2023
Governments and regulatory agencies from all around the world are starting to regulate the cryptocurrency market more actively, which might boost investor confidence and market stability.
The crypto market, it should be noted, is incredibly volatile and prone to extreme volatility. Therefore, any investment in Bitcoin or other cryptocurrencies should be conducted cautiously and only after extensive research.
Even if ChatGPT anticipates that Bitcoin will keep growing in 2023, unanticipated occurrences could always happen and have an unpredicted effect on the market.
A high price of between $100,000 and $120,000 is anticipated for Bitcoin this year, which is already showing signs of rapid growth.
The adoption of cryptocurrencies by the general public, more institutional investment, and regulatory clarification are all potential drivers of their rise.
But it’s crucial to exercise prudence while making any cryptocurrency investments and to keep up with industry trends and advancements.
What The (Human) Analysts Predict
Analysts and institutional investors concur with ChatGPT’s prediction that Bitcoin will hit its all-time high this year as the cryptocurrency surge gains momentum.
According to Marshall Beard, chief strategy officer of cryptocurrency exchange Gemini, “I think Bitcoin probably breaks all-time highs this year,” adding that the “$100,000 price figure is an ‘interesting number, if bitcoin gets to its previous record high of near $69,000′”.
For his part, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said Bitcoin will reach $100,000 by 2025 instead of this year and that the cryptocurrency market will thrive as a “revived bull market.”
Bitcoin (BTC) and US Dollar (USD) pair loses $30K handle and now at $29,167 on the daily chart at TradingView.com
Because more people are using crypto assets, Goldman Sachs Group believes that Bitcoin will continue to overtake precious metal as a market share leader, potentially reaching the widely stated price forecast of $100,000.
According to a recent study by Deutsche Bank, almost 25% of BTC investors believe the cryptocurrency would cost more than $100,000 in five years.
At the time of writing, Bitcoin was trading at $29,532, down 1.77% in the last seven days, data from crypto market tracker CoinMarketCap shows.
-Featured image from TCD