- Bitcoin’s Recent Surge: A 15% price increase over a week, linked to a Bitcoin ETF ticker by BlackRock appearing on a key website, boosting market sentiment.
- Spot Bitcoin ETF Significance: It is seen as a potential catalyst for a bull run.
- ChatGPT’s Outlook: For a $1 million Bitcoin price by 2024, multiple factors, especially the 2024 Bitcoin halving, could drive such growth.
Bitcoin’s price has been the subject of massive debates throughout the years, especially when the cryptocurrency seems to be on the cusp of another bull market.
Throughout the past seven days, BTC is up by around 15%, sparking hopes that a new raging bull run is on the horizon.
The reason for this sudden surge is the fact that a spot Bitcoin ETF ticker of BlackRock appeared on the website of the Depository Trust and Clearing Corporation earlier this week.
While this doesn’t mean anything in terms of increasing the chances of approval on behalf of the United States Securities and Exchange Commission, it elevated spirits and market sentiment. An approval of a spot Bitcoin ETF by the SEC has always been one of the major catalysts that many analysts and experts have touted for a new bull run, each of them giving various BTC price predictions.
You can check some of them here:
In any case, we decided to take it a step further and check with ChatGPT what it thinks about the prospects of Bitcoin’s price hitting a whopping $1 million in 2024. Let’s dig in.
BTC Price to $1 Million: Possible?
An increase to $1 million would suggest that BTC’s price adds another 2840%. That’s a lot.
When asked about it, ChatGPT says that there are multiple factors that could contribute to an increase of this kind in the next year. Market sentiment, for once, is a major consideration:
Investor sentiment can have a significant impact on the price of Bitcoin. Positive news, regulatory developments, and institutional interest can drive prices up, while negative news or market fear can push prices down.
- Adoption and Use Cases
- Technological Developments
- Market Liquidity
- Macroeconomic factors
One of the critical potential catalysts, however, is the upcoming Bitcoin halving. ChatGPT acknowledges it as an important factor:
Bitcoin experiences halving events approximately every four years, reducing the rate at which new Bitcoins are mined. Some traders and investors believe this scarcity effect can drive up the price.
Bitcoin’s next halving is slated to take place in late March or April 2024. Historically, there has always been a bull run after all Bitcoin halvings, and it’s interesting to see if this one could take its price all the way to a million dollars.